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Calculate the total amount of money you have to pay

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Reference no: EM133101080

Question - Suppose you took a personal loan in 2020 from City Bank amount of 9 lacs taka for the period of 5 years at 11% interest rate. However, according to the instruction Bangladesh Bank regarding interest rate reduction to 9% for all types of loan. Thus city Bank also reduce your interest rate from 11% to 9% after payment of 25 instalments. Instalments need to pay in every month. In this situation crate a loan amortization schedule for this loan and (i) calculate the total amount of money you have to pay for the loan (ii) If you wanted to settle your loan after 35 instalments you have to pay 1.3% extra settlement charge. So how much money you need to pay to Bank.

Reference no: EM133101080

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