a) You have the following information. How much does the borrower need to pay per month? - Loan amount is RM 225,000. -
Posted: Sun May 29, 2022 4:49 pm
a) You have the following information. How much does the
borrower need to pay per month?
- Loan amount is RM 225,000.
- 8% interest rate compounded quarterly.
- Period: 8 years.
- Payment made at the end of each month.
b) Prepare a complete amortization schedule that shows the first
and last 20 rows.
c) Calculate the total interest rate for this loan. d) Suppose
at the end of 4 years, he pays a lump sum of RM 20000 to reduce
this outstanding balance. Recalculate the month amount that he
needs to pay for the remaining years.
borrower need to pay per month?
- Loan amount is RM 225,000.
- 8% interest rate compounded quarterly.
- Period: 8 years.
- Payment made at the end of each month.
b) Prepare a complete amortization schedule that shows the first
and last 20 rows.
c) Calculate the total interest rate for this loan. d) Suppose
at the end of 4 years, he pays a lump sum of RM 20000 to reduce
this outstanding balance. Recalculate the month amount that he
needs to pay for the remaining years.