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Prepare partial amortization schedule of first 3 months

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You want to buy a car and a local bank offered to lend you Rs.1, 440,000 repayable in five years in monthly instalments. The loan would be fully amortized over 60 months i.e. 5x12, and the nominal annual interest rate would be 12 percent.

Required:

Prepare partial amortization schedule of first 3 months.

What is the EAR?

Reference no: EM132531351

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