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Discharge the loan at the end of the 9th year

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Reference no: EM131483178

Bruce Jones intends to purchase a home unit and needs to borrow money from the bank.

Details of the loan are as follows:

Loan Amount                   $714,000

Term (years)                      20

Annual Interest Rate               6.00%

The loan is repaid using Monthly instalments.

At the end of the ninth year of the loan, just after paying the 108th instalment due at that time, Bruce has a windfall and is considering paying out the loan. 

Required:

How much money would be required to discharge the loan at the end of the 9th year? (please use excel)

Reference no: EM131483178

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