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What is the total interest paid for the loan

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Reference no: EM132908202

Suppose you are a relationship manager at an international bank. A customer who recently got admission at a prestigious Business School approached you for an education loan of Rs. 38,00,000. Your bank offers the education loan at 9.8 percent to be repaid in 10 years in EMIs. You are assigned the task of preparing the amortization schedule for the customer and answer the following.

a. Prepare the amortization schedule for the first 5 EMIs.

b. What will be interest paid for 93th EMI?

c. What will be the loan balance after 93th EMI?

d. What is the total interest paid for the loan?

Reference no: EM132908202

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