Do You Believe in Usury?|
|Date:||February 4th, 2009 04:23 pm (UTC)|| |
In any given month, the borrower pays interest of 1/2% of the principal at the beginning of the month, plus some amount of principal. The next month, the principal (on which interest is charged) is reduced by the amount of principal paid.
I can figure out amortization schedules for any rate and period, but the underlying facts are what I've posted.