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Determine the size of the fortnightly payments

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Reference no: EM133198278

Priya takes out a loan from the Deep Bay Bank for $30,000 to buy a new Prius. The interest rate changed is j26 =7.54% p.a. The loan is to be repaid over 4 years with the first payment due in a fortnight's time. The terms of the loan are that it is an interest only loan for the first year (first 26 payments), at which time it converts to a fully amortized P&I loan.

Determine the size of the fortnightly payments made during the first year.

Determine the size of the outstanding principal at the end of the first year.

Determine the size of the fortnightly payments during the P&I phase of the loan.

Reference no: EM133198278

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