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Calculate the amount of capital outstanding

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Question - A loan of £60,000 was granted on 1 July 1998. The loan is repayable by an annuity payable quarterly in arrear for 20 years. The amount of the quarterly repayment increases by £100 after every four years. The repayments were calculated using a rate of interest of 8% per annum convertible quarterly.

Required -

(a) Show that the initial quarterly repayment is £1,370.41.

(b) Calculate the amount of capital repaid that was included in the payment made on 1 January 1999.

(c) Calculate the amount of capital outstanding after the quarterly repayment due on 1 July 2011 has been made.

Reference no: EM133185971

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