The amortization schedule for a loan is provided below. Using the table, determine the total amount of...
3. The amortization schedule for a loan is provided below. Using the table, determine the total amount of interest charged on the loan.
Payment Number | Payment | Interest for Period | Portion Applied to Principal | Principal at End of Period
0 | - | - | - | $1,250.00
1 | $315.11 | $4.17 | $310.94 | $939.06
2 | $315.11 | $3.13 | $311.98 | $627.08
3 | $315.11 | $2.09 | $313.02 | $314.06
4 | $315.11 | $1.05 | $314.06 | $0.00
$1.05
$314.06
$1,880.20
$10.44
Payment Number | Payment | Interest for Period | Portion Applied to Principal | Principal at End of Period
0 | - | - | - | $1,250.00
1 | $315.11 | $4.17 | $310.94 | $939.06
2 | $315.11 | $3.13 | $311.98 | $627.08
3 | $315.11 | $2.09 | $313.02 | $314.06
4 | $315.11 | $1.05 | $314.06 | $0.00
$1.05
$314.06
$1,880.20
$10.44

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