Example 5.1 A loan is being repaid with 10 payments of $2000 followed by 10 payments of $1000 at the end of each half-year. If the nominal rate of interest convertible semiannually is 10%, find the outstanding loan balance immediately after five payments have been made by: (1) The prospective method (****). (2) The retrospective method (@). t=0 t=1/2 t=2/2 t=5/2 HHH 2000 2000 2000 t=10/2 t=11/2 t=12/2 ||| ++ 2000 1000 1000 t=20/2 + 1000

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.