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What should be the monthly payment on the loan

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Reference no: EM133125668

Question - You wish to take a loan of $600,000 for 5 years. The loan will be repaid monthly in equal installments starting a month from today. You wish to take a loan of $600,000 for 5 years. The loan will be repaid monthly in equal installments starting a month from today.

1. What should be the monthly payment on the loan?

2. Of the first payment, how much of it is paid towards interest and how much of it is paid towards principal?

3. After three years of payments, you received a large bonus and you wish to close the loan. What is your outstanding balance?

Reference no: EM133125668

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