Find the interest and principal paid in the 30th payment

Reference no: EM13304942

A $10,000 loan is repaid with 60 monthly payments starting one month after the loan. The payments increase by 15% every 12 months but are constant within each year. The nominal interest rate convertible monthly is 12%.

What is the amount of the first monthly payment? Find the interest and principal paid in the 30th payment, and Construct the amortization table for the first 3 months of the second year and the first 3 months of the last year.

Reference no: EM13304942

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