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Calculate the total interest charged for the loan

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Question - Mike plans to start a new business. He borrowed RM120,000 from a bank at 7.3% interest compounded every two months for 15 years,

a) Find the periodic payments for his loan.

b) Calculate the total interest charged for the loan.

c) Find the amount that he has to pay on the 6th payment, if he failed to pay the first 5 monthly payments.

d) After paying for 13 years, he plans to settle the loan with a single payment. Find the outstanding balance of the loan.

Reference no: EM132769442

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