# Loan Calculation Wrong

iam creating some simple loan calculation.

let say iam taking 1000USD with 8% Interest loan for 1 year, and payable for 12 Month.

To get the total interest paid:

(1000USD x 8%) + 1000USD = 1080USD (total interest + Principal)


For Monthly installment :

1080USD / 12 Month = 90USD (Monthly Installment)


Monthly Interest is :

8%/12 = 0.006667


And to get the monthly interest of each month will be:

(Current Loan Balance x Monthly Interest)


Here is payment schedule for 12 month:

Month  |  Installment | Principal  | Interest |
1      |  90          | 82.80      | 7.20     |
2      |  90          | 83.40      | 6.60     |
3      |  90          | 84.00      | 6.00     |
4      |  90          | 84.60      | 5.40     |
5      |  90          | 85.20      | 4.80     |
6      |  90          | 85.80      | 4.20     |
7      |  90          | 86.40      | 3.60     |
8      |  90          | 87.00      | 3.00     |
9      |  90          | 87.60      | 2.40     |
10     |  90          | 88.20      | 1.80     |
11     |  90          | 88.80      | 1.20     |
12     |  90          | 89.40      | 0.60     |
-------|--------------|------------|----------|
TOTAL  | 1080         | 1033.20 ** | 46.80 ** |


The problem is the ** sign on the total. where the

Total Principal for 12 Month is 1033.20
&
Interest is 46.80


where it should be

Total Principal = 1000
Total Interest = 80


anyone have a clue why this is happening?