How much is the total payment to be made

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Questions - Annuities and Loan Amortization

Q1. On January 1, 2020, a company borrowed 4,000,000.00 from a bank at the rate of 16% a year. The loan is paid at the rate of 500,000.00 at the end of every quarter until the full payment is paid. How much is the total interest for the second periodic payment?

Q2. On January 1, 2020, a company borrowed 4,000,000.00 from a bank at the rate of 16% a year. The loan is paid at the rate of 500,000.00 at the beginning of every quarter until the full payment is paid. How much is the total payment to be made for the fifth periodic payment?

Reference no: EM133087986

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