Let’s suppose Janet received a year-end bonus and can afford to pay $285.05 during January 2022. Rewrite the line of the amortization schedule for 1/1/2022 using her new payment.

If Janet received a year-end bonus that enables her to pay $285.05 during January 2022, the line of the amortization schedule for January 1, 2022, will look like this:

Date             Payment   Principal     Interest     Balance

                                                                             $3,500.00

01/01/2022  $285.05     $215.05         $70       $3,284.95

This amortization schedule uses an annual interest rate of 24%.

Interest Expense = $70 ($3,500 x 24% x 1/12)

Principal Repayment = $215.05 ($285.05 - $70)

Thus, the amortization schedule will show that Janet has an outstanding balance of $3,284.95.

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Following are the solution to the given question:

Explanation:

The Principle value

The Interest value

The Total Interest value

The Balance

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