_Sci
s
J
537
W35
E.M. 3013 Rev.
July, 1969
1b-WBRA
REVOLVING CREDIT EXAMPLE
Y
. 'G 2 2 1969
Amount of loan - $383.66.
Payment per month - $30.00, plus 1% interest on balance at the beginning of
each month.
Monthly
Balance
Pa~ments
Interest
Total Monthly
Payment
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11 .
12.
13.
$383.66
353.66
323.66
293.66
263.66
233.66
203.66
173.66
143.66
113. 66
83.66
53.66
23.66
$ 30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30. 00
30.00
23.66
$ 3.84
3.54
3.24
2.94
2.64
2.34
2.04
1. 74
1. 44
1 . 14
.84
.54
.24
$ 33.84
33.54
33.24
32.94
32.64
32.34
32.04
31.74
31.44
31.14
30.84
30.54
23.90
Total -
$000.00
$383.66
$26.52
$410. 18
Amount of Original Loan . . . . . .
Total Interest (total finance charge) .
........
Total Paid
Use formula to compute the
11
true
11
.
.
. $383.66
26.52
. 410.18
interest:
Annual
Total finance charge x Number of payments ____---,-:.1_ _ _ _~ = Interest
l/2 of original loan
Number of years
x Number of payments + 1 Rate
Example prepared to illustrate repayment of loan in E.M. 2970, 30 Day Reality
Bank, page 2.
COOPERATIVE EXTENSION SERVICE • COLLEGE OF AGRICULTURE • WASHINGTON STATE UNIVERSITY
In cooperation with the United States Department of Agriculture
Issued in furtherance of the Ac:ts of May 8 and June 30, 1914, by the Washington State University
Cooperative Extension Service, John P. Miller, Direc:tur
•
PULLMAN
E.M. 3013 - Page 2
Amount of loan - $383.66.
Payment per month - $30.00, plus 1-1/2% interest on balance at the beginning
of each month.
Balance
Monthly
Payments
Interest
Total Monthly
PaJ::ment
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11 .
12.
13.
$383.66
353.66
323.66
293.66
263.66
233.66
203.66
173.66
143.66
113.66
83.66
53.66
23.66
$ 30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
30.00
23.66
$ 5.75
5.30
4.85
4.40
3.95
3 ... 50
3.05
2.60
2.15
1.70
1. 25
.80
.35
$ 35.75
35.30
34.85
34.40
33.95
33.50
33.05
32.60
32.15
31.70
31.25
30.80
24.01
Total -
$000.00
$383.66
$39.65
$423.31
Amount of Original Loan . . . . . . .
Total Interest (total finance charge) .
Total Paid . . . . . . . . . . . . .
EPL:kh
7/69
. . $383.66
39.65
423.31