Calculate the yearly payment and the last year payment

Reference no: EM133664245

Problem: A ranch lend money amounted RM80,000 for a new cycle of livestock production. The bank agreed for 15 years' payback period. The last payment, 25% from the loan amount will be paid as a lump sum together with the yearly payment. Amortization factor is 0.10296 and interest rate is 6%. Calculate the yearly payment and the last year payment.

Reference no: EM133664245

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