The CEO decided that that
instead of paying for the upgrades out of company fund that the company was
stable enough to apply for a loan for half of the amount. So he met with the Wolverine Bank and using
the current plant as collateral, he secured a loan for $25,000,000 for 6%
interest over a period of 5 years.
| LOAN AMORTIZATION SCHEDULE | ||||||||||
| ENTER VALUES | LOAN SUMMARY | |||||||||
| Loan amount | $25,000,000.00 | Scheduled payment | $587,125.73 | |||||||
| Annual interest rate | 6.00% | Scheduled number of payments | 48 | |||||||
| Loan period in years | 4 | Actual number of payments | 48 | |||||||
| Number of payments per year | 12 | Total early payments | $470,000.00 | |||||||
| Start date of loan | 6/1/2019 | Total interest | $3,121,056.54 | |||||||
| Optional extra payments | $10,000.00 | LENDER NAME | Wolverine Bank | |||||||
| PMT NO | PAYMENT DATE | BEGINNING BALANCE | SCHEDULED PAYMENT | EXTRA PAYMENT | TOTAL PAYMENT | PRINCIPAL | INTEREST | ENDING BALANCE | CUMULATIVE INTEREST | |
| 1 | 6/1/2019 | $25,000,000.00 | $587,125.73 | $10,000.00 | $597,125.73 | $472,125.73 | $125,000.00 | $ 24,527,874 | $125,000.00 | |
| 2 | 7/1/2019 | $24,527,874.27 | $587,125.73 | $10,000.00 | $597,125.73 | $474,486.35 | $122,639.37 | $ 24,053,388 | $247,639.37 | |
| 3 | 8/1/2019 | $24,053,387.92 | $587,125.73 | $10,000.00 | $597,125.73 | $476,858.79 | $120,266.94 | $ 23,576,529 | $367,906.31 | |
| 4 | 9/1/2019 | $23,576,529.13 | $587,125.73 | $10,000.00 | $597,125.73 | $479,243.08 | $117,882.65 | $ 23,097,286 | $485,788.96 | |
| 5 | 10/1/2019 | $23,097,286.05 | $587,125.73 | $10,000.00 | $597,125.73 | $481,639.30 | $115,486.43 | $ 22,615,647 | $601,275.39 | |
| 6 | 11/1/2019 | $22,615,646.76 | $587,125.73 | $10,000.00 | $597,125.73 | $484,047.49 | $113,078.23 | $ 22,131,599 | $714,353.62 | |
| 7 | 12/1/2019 | $22,131,599.26 | $587,125.73 | $10,000.00 | $597,125.73 | $486,467.73 | $110,658.00 | $ 21,645,132 | $825,011.62 | |
| 8 | 1/1/2020 | $21,645,131.53 | $587,125.73 | $10,000.00 | $597,125.73 | $488,900.07 | $108,225.66 | $ 21,156,231 | $933,237.27 | |
| 9 | 2/1/2020 | $21,156,231.47 | $587,125.73 | $10,000.00 | $597,125.73 | $491,344.57 | $105,781.16 | $ 20,664,887 | $1,039,018.43 | |
| 10 | 3/1/2020 | $20,664,886.90 | $587,125.73 | $10,000.00 | $597,125.73 | $493,801.29 | $103,324.43 | $ 20,171,086 | $1,142,342.87 | |
| 11 | 4/1/2020 | $20,171,085.60 | $587,125.73 | $10,000.00 | $597,125.73 | $496,270.30 | $100,855.43 | $ 19,674,815 | $1,243,198.29 | |
| 12 | 5/1/2020 | $19,674,815.31 | $587,125.73 | $10,000.00 | $597,125.73 | $498,751.65 | $98,374.08 | $ 19,176,064 | $1,341,572.37 | |
| 13 | 6/1/2020 | $19,176,063.66 | $587,125.73 | $10,000.00 | $597,125.73 | $501,245.41 | $95,880.32 | $ 18,674,818 | $1,437,452.69 | |
| 14 | 7/1/2020 | $18,674,818.25 | $587,125.73 | $10,000.00 | $597,125.73 | $503,751.63 | $93,374.09 | $ 18,171,067 | $1,530,826.78 | |
| 15 | 8/1/2020 | $18,171,066.61 | $587,125.73 | $10,000.00 | $597,125.73 | $506,270.39 | $90,855.33 | $ 17,664,796 | $1,621,682.11 | |
| 16 | 9/1/2020 | $17,664,796.22 | $587,125.73 | $10,000.00 | $597,125.73 | $508,801.75 | $88,323.98 | $ 17,155,994 | $1,710,006.09 | |
| 17 | 10/1/2020 | $17,155,994.48 | $587,125.73 | $10,000.00 | $597,125.73 | $511,345.75 | $85,779.97 | $ 16,644,649 | $1,795,786.07 | |
| 18 | 11/1/2020 | $16,644,648.72 | $587,125.73 | $10,000.00 | $597,125.73 | $513,902.48 | $83,223.24 | $ 16,130,746 | $1,879,009.31 | |
| 19 | 12/1/2020 | $16,130,746.24 | $587,125.73 | $10,000.00 | $597,125.73 | $516,472.00 | $80,653.73 | $ 15,614,274 | $1,959,663.04 | |
| 20 | 1/1/2021 | $15,614,274.24 | $587,125.73 | $10,000.00 | $597,125.73 | $519,054.35 | $78,071.37 | $ 15,095,220 | $2,037,734.41 | |
| 21 | 2/1/2021 | $15,095,219.89 | $587,125.73 | $10,000.00 | $597,125.73 | $521,649.63 | $75,476.10 | $ 14,573,570 | $2,113,210.51 | |
| 22 | 3/1/2021 | $14,573,570.26 | $587,125.73 | $10,000.00 | $597,125.73 | $524,257.87 | $72,867.85 | $ 14,049,312 | $2,186,078.36 | |
| 23 | 4/1/2021 | $14,049,312.39 | $587,125.73 | $10,000.00 | $597,125.73 | $526,879.16 | $70,246.56 | $ 13,522,433 | $2,256,324.93 | |
| 24 | 5/1/2021 | $13,522,433.22 | $587,125.73 | $10,000.00 | $597,125.73 | $529,513.56 | $67,612.17 | $ 12,992,920 | $2,323,937.09 | |
| 25 | 6/1/2021 | $12,992,919.66 | $587,125.73 | $10,000.00 | $597,125.73 | $532,161.13 | $64,964.60 | $ 12,460,759 | $2,388,901.69 | |
| 26 | 7/1/2021 | $12,460,758.54 | $587,125.73 | $10,000.00 | $597,125.73 | $534,821.93 | $62,303.79 | $ 11,925,937 | $2,451,205.48 | |
| 27 | 8/1/2021 | $11,925,936.60 | $587,125.73 | $10,000.00 | $597,125.73 | $537,496.04 | $59,629.68 | $ 11,388,441 | $2,510,835.17 | |
| 28 | 9/1/2021 | $11,388,440.56 | $587,125.73 | $10,000.00 | $597,125.73 | $540,183.52 | $56,942.20 | $ 10,848,257 | $2,567,777.37 | |
| 29 | 10/1/2021 | $10,848,257.04 | $587,125.73 | $10,000.00 | $597,125.73 | $542,884.44 | $54,241.29 | $ 10,305,373 | $2,622,018.65 | |
| 30 | 11/1/2021 | $10,305,372.59 | $587,125.73 | $10,000.00 | $597,125.73 | $545,598.86 | $51,526.86 | $ 9,759,774 | $2,673,545.52 | |
| 31 | 12/1/2021 | $9,759,773.73 | $587,125.73 | $10,000.00 | $597,125.73 | $548,326.86 | $48,798.87 | $ 9,211,447 | $2,722,344.39 | |
| 32 | 1/1/2022 | $9,211,446.87 | $587,125.73 | $10,000.00 | $597,125.73 | $551,068.49 | $46,057.23 | $ 8,660,378 | $2,768,401.62 | |
| 33 | 2/1/2022 | $8,660,378.38 | $587,125.73 | $10,000.00 | $597,125.73 | $553,823.83 | $43,301.89 | $ 8,106,555 | $2,811,703.51 | |
| 34 | 3/1/2022 | $8,106,554.55 | $587,125.73 | $10,000.00 | $597,125.73 | $556,592.95 | $40,532.77 | $ 7,549,962 | $2,852,236.28 | |
| 35 | 4/1/2022 | $7,549,961.59 | $587,125.73 | $10,000.00 | $597,125.73 | $559,375.92 | $37,749.81 | $ 6,990,586 | $2,889,986.09 | |
| 36 | 5/1/2022 | $6,990,585.68 | $587,125.73 | $10,000.00 | $597,125.73 | $562,172.80 | $34,952.93 | $ 6,428,413 | $2,924,939.02 | |
| 37 | 6/1/2022 | $6,428,412.88 | $587,125.73 | $10,000.00 | $597,125.73 | $564,983.66 | $32,142.06 | $ 5,863,429 | $2,957,081.09 | |
| 38 | 7/1/2022 | $5,863,429.22 | $587,125.73 | $10,000.00 | $597,125.73 | $567,808.58 | $29,317.15 | $ 5,295,621 | $2,986,398.23 | |
| 39 | 8/1/2022 | $5,295,620.64 | $587,125.73 | $10,000.00 | $597,125.73 | $570,647.62 | $26,478.10 | $ 4,724,973 | $3,012,876.33 | |
| 40 | 9/1/2022 | $4,724,973.01 | $587,125.73 | $10,000.00 | $597,125.73 | $573,500.86 | $23,624.87 | $ 4,151,472 | $3,036,501.20 | |
| 41 | 10/1/2022 | $4,151,472.15 | $587,125.73 | $10,000.00 | $597,125.73 | $576,368.37 | $20,757.36 | $ 3,575,104 | $3,057,258.56 | |
| 42 | 11/1/2022 | $3,575,103.79 | $587,125.73 | $10,000.00 | $597,125.73 | $579,250.21 | $17,875.52 | $ 2,995,854 | $3,075,134.08 | |
| 43 | 12/1/2022 | $2,995,853.58 | $587,125.73 | $10,000.00 | $597,125.73 | $582,146.46 | $14,979.27 | $ 2,413,707 | $3,090,113.35 | |
| 44 | 1/1/2023 | $2,413,707.12 | $587,125.73 | $10,000.00 | $597,125.73 | $585,057.19 | $12,068.54 | $ 1,828,650 | $3,102,181.88 | |
| 45 | 2/1/2023 | $1,828,649.93 | $587,125.73 | $10,000.00 | $597,125.73 | $587,982.48 | $9,143.25 | $ 1,240,667 | $3,111,325.13 | |
| 46 | 3/1/2023 | $1,240,667.45 | $587,125.73 | $10,000.00 | $597,125.73 | $590,922.39 | $6,203.34 | $ 649,745 | $3,117,528.47 | |
| 47 | 4/1/2023 | $649,745.06 | $587,125.73 | $10,000.00 | $597,125.73 | $593,877.00 | $3,248.73 | $ 55,868 | $3,120,777.20 | |
| 48 | 5/1/2023 | $55,868.06 | $587,125.73 | $0.00 | $55,868.06 | $55,588.72 | $279.34 | $ - | $3,121,056.54 | |
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$0.00 | |||||||||
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