I know that the interest rate is constant through the whole period and the interest method is declining balance. By declining balance mean that the interest at period t is calculated on the balance of period t. In the table below, interest of the 1st repayment is base on the 2748 and the interest of the second repayment is based on 2299.555.
Details :
Loan amount borrowed = 2748
The column principal = the part of the principal repaid in each period.
So far I've come up with this
| Date |Principal|Balance |PayInt|#DaysPM|IntRate0|
0|26/01/2011| | | | | | |
1|20/02/2011|448.445 |2748 |25 |31 |1.33% |
2|20/03/2011|446.759 |2299.555|28 |28 |1.667% |
3|20/04/2011|454.205 |1852.796|31 |31 |1.667% |
4|20/05/2011|461.775 |1398.591|30 |30 |1.667% |
5|20/06/2011|469.471 |936.816 |31 |31 |1.667% |
6|20/07/2011|467.345 |467.345 |30 |30 |1.667% |
Definition:
PayInt = # Interval between payment in days
IntRate0 = $\frac{Interest_t}{Balanct_t}$
The interest is supposed to be constant and 1.33% was obtained by 1.66%*$\frac{24}{30}$
I just would like to know if there is a formula to calculate the monthly repayments of this contract.
Thanks