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How much of the first payment is principle

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Question - A bank offers a loan with 15 years, 4.211*% annual interest, paid monthly.

a) What is the monthly payment if the loan amount is 100,000 AZN?

b) How much of the first payment is principle?

c) How much of the first payment is interest?

d) If consumer decide to repay the full amount after paying 50th monthly payment, what is the amount that he need to pay? (use annuity formula and show your calculation)

Reference no: EM133011494

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