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Compute the required monthly payments

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Question - A friend of yours is interested in purchasing a motor vehicle with at a cost of $3.5 million. The bank has indicated that they are willing to finance 80% of the purchase price at a rate of 12% p.a. over 4 ½ years with equal monthly repayments. Your friend has asked you to

-Compute the required monthly payments. (round to the nearest dollar).

-Prepare the Loan amortization schedule for the first 4 months (round to the nearest dollar).

-Determine how much would be required to close the loan after 2 ½ years.

Reference no: EM132982528

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