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What will be the quarterly repayment that have to make

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Reference no: EM132523047

You are considering having a new kitchen fitted in your home. The cost of the new kitchen is £15,000 to be paid immediately. You borrow all of this amount from a bank that is willing to give you a five year loan. Payments will be quarterly (with the first payment one quarter from now) and the stated annual interest rate, with quarterly compounding, is 4%.

Question 1: What will be the quarterly repayment that you have to make to the bank? Exactly one year into the loan you inherit some money and decide to use it to pay off the loan. How much will it cost you to do so?

Reference no: EM132523047

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