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Find value of the monthly and half-yearly instalments

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Reference no: EM133202942

You decide to buy a car which is to be financed through a loan at an interest rate of 18% per annum with bimonthly capitalisation.

The form of payment will be (at the same time over the next 2 years) by paying 24 monthly instalments in arrears and 4 half-yearly instalments and 4 half-yearly instalments due.

Taking into account that the value of a half-yearly instalment due is equal to the value of 2 monthly instalments.

The balance of the amount borrowed once the first half-yearly payment and the first 6 instalments of the loan have been made is $5,000,000

What was the value of the monthly and half-yearly instalments?

Reference no: EM133202942

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