In this lesson, I am going to show you how to make an amortization schedule. Given the amount of mortgage, the annual rate, monthly payment and term of a loan, I will show you how to get the amount of the monthly payment that goes to the principal and the amount that goes to the interest. This lesson is part of the course Contemporary Mathematics. ⏲️ Timestamps ⏲️ Introduction (0:00) Problem (0:03) How to get the interest payment for the first month (0:23) How to get the amount of monthly payment that goes to principal (1:00) How to get the balance of the loan after the first payment (1:25) How to get the interest payment for the second month (1:50) How to get the amount of monthly payment that goes to principal (2:06) How to get the balance of the loan after the second payment (2:39) WANT TO WATCH MORE VIDEOS LIKE THIS? 📺 Subscribe to my channel here: http://bit.ly/mathhubtv CONNECT WITH US 👍 Facebook: https://www.facebook.com/mathhubtutorials 🐦Twitter: https://twitter.com/mathhub303 NEED PERSONAL ONLINE TUTORIALS? Contact us at mathub303@gmail.com 🙋♂️ Have questions? I'm here to help you learn your math courses in an easy way. Leave a comment below and I will try to answer it as soon as I can. You can also leave topics that you need help with and I will create those videos for you.