Let’s suppose janet received a year-end bonus and can afford to pay $285.05 during january 2022. rewrite the line of the amortization schedule for 1/1/2022 using her new payment.

The amortisation schedule is as follows:

Principal: $215.05

Interest: $70

Balance: $3284.95

Explanation:

First we derive what Janet's payment for the month should be.

The formula to calculate the amortization amount[A] is:

A = Monthly payment

P = Principal Amount[$3,500]

R = Rate expressed in months.[Rate percentage divided by 12 months] = = 0.02

N = Number of payment period[Years multiplied by 12 months] = 2* 12 = 24

Fitting into the formular:

= $185.05

A = $185.05

However Jane paid $285.05

The Interest payable = The monthly rate multiplied by the Principal

Interest = [0.02 * 3500] = 70

Principal amount  = Amount paid[$285.05] less the Interest for the month[$70] = $215.05

Balance = Principal + Interest - Amount Paid[(3500+70)-285.05] = $3284.95

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