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Calculate the monthly installment

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Akbar purchased Honda Civic car through bank lease financing. The total value of the car is Rs 3,600,000 of which Akbar made 50% down payment and balance amount was leased for 3 years. What would be the amount of the monthly installment if interest rate is KIBOR + 5%. (KIBOR is assumed to be 7%). The installment is due at the start of each month.

Required:

Problem a) Calculate the monthly installment

Problem b) Amortization Schedule for 36 months.

Reference no: EM132735259

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