Reference no: EM133123443
Question -
a. You wish to take a loan of $500,000 for 3 years. The loan will be repaid monthly in equal installments starting a month from today.
The APR on the loan is 4%, compounded monthly.
i. What should be the monthly payment on the loan?
ii. Of the first payment, how much of it is paid towards interest and how much of it is paid towards principal?
iii. After two years of payments, you received a large bonus and you wish to close the loan. What is your outstanding balance?
b. You are about to take a $100,000 loan from the bank. You will have to repay the loan in four equal installments where the first payment is in two years. The second payment is in three years, the third payment is in four years and the last payment is in five years.
The APR on the loan is 4%, compounded monthly.
1. What is the annual payment?
2. Of the first payment, how much of it is towards principal and how much of it is towards interest?
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