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Schedule 141 Form

Schedule 141 Form

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Instructions and help about t2 schedule 141 fillable

This video is provided as supplementary material for courses taught at Howard Community College and in this video I'm going to show how to construct an amortization schedule. So imagine you've got a situation like this. You take out a loan for $15,000. It's at 4.5% compounded monthly and you've got monthly payments for 3 years. We have to make an amortization table for that situation. There are two steps we have to do before we can start filling in the table. The first thing is we're going to use the present value formula and we'll figure out what the monthly payment will be. I've already done that and given this this situation the monthly payment would be $446.20. The other thing we have to do is figure out the interest rate for each payment period. So what we do is take the annual interest rate, which is 4.5%, we turn that into a decimal -- .045, and then we want to divide that by the number of compounding periods each year. Since we're making monthly payments, that would be 12. S

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