it is calculated based on a term of 30 * 12 = 360 months and a monthly interest rate of 10% / 12 = .83333333333333 percent.
if you made the loan amount 1000 dollars, then you would get a monthly payment of 8.775715701 per month, to be paid at the end of each month.
that's the same at 8.77572 when you round it to 5 decimal digits.
what the table is showing you is the amount you would have to pay at the end of each month for every 1000 dollars you borrow.
since you borrowed 90,000, then your monthly payment is 8.77572 * 90,000 / 1,000 = 789.8148.
that's very close to the monthly payment i got of 789.8144131 when using a financial calculator.
the difference is in the rounding.
the tables are just to give you an idea of what the payments will be.
the actual payment is based on financial formulas built into the calculator used by the bank.
your payment is usually rounded to the nearest penny.
there may be an adjustment in the last payment so that it comes out accurate according to what the calculator says it should be.
the following printout of an excel spreadsheet shows what adjustment might be made to the last paument in order for the remaining balance to be equal to 0.
the left side calculations use the computer generated payment not rounded to the nearest penny.
the right side calculations use the payment rounded to the nearest penny with an adjustment in the last payment to make the remaining balance equal to 0.
the last payment, however, would probably be adjusted to the nearest penny, which i neglected to do.
since i don't know what the banks actually do, this is merely a guess as to how the final payment might be adjusted, if it is even adjusted at all.
