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Find the amount of each annual installment

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Reference no: EM132884776

Question - A loan of 100 000 € is being repaid by 12 equal annual installments made at the end of each year at 6% interest effective annually.

Required -

1. Find the amount of each annual installment.

2. Find the finance charge of this loan.

3. Find how much interest is accrued in the first year.

4. Find how principal is repaid in the first payment.

5. Find the balance in the loan immediately after the first payment.

Reference no: EM132884776

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