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HOW TO ARRANGE AND CALCULATE A LOAN CHART

Money Source	Amount Received	Specified Rate of Interest	Institution Setting Interest Rate	Specified Time of Loan	# of Payments Per Year	Total Amount Due by End of Loan*
ABC	$40,000	8.85%	North Carolina Credit Union	10 years	12 (monthly)	$60,415.20
XYZ	$20,000	9.50%	Wachovia Bank	5 years	6 (bimonthly)
					Total sum cost of loans:

*In order to find the total amount due by the end of your loan, follow these steps.

1. Use the following formula in order to find the amount of each payment.

X=	P(1+i)n*i
	(1+i)n*i

Definition of terms:

x: amount of each payment

P: initial principle

i: annual interest rate divided by # yearly payments

n: total # of payments during loan

2. Once you have solved for "x," multiply "x" by your total number of payments in order to find the total amount due by the end of the loan.

Total = x(n)