What will be the interest and principal portions

Reference no: EM133264453

1. Zain has borrowed $ 6,000,000 from XYZ Commercial Bank. The annual interest rate on this loan is 8 percent and the loan is to be repaid over five years with equal monthly payments.

i. What will be the monthly loan payment?

ii. What will be the interest and principal portions of the payments for the first three months?

iii. What will be the total interest payments over the five years? '

Reference no: EM133264453

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