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What would be the monthly payment amount

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Question - SureWin Company owes a long-term debt of 2 millions today to a bank, and the company is unable to come up with the entire amount today to pay off the debt.

The company negotiated with the bank to pay 500,000 today and the rest of the amount in equal monthly instalment over 6 years with the interest rate of APR 3.5% monthly compounding.

Using a financial calculator or an appropriate formula:

Calculate the monthly instalment payment amount to be made at the end of each month to pay for the loan.

What would be the total interest SureWin would have paid to the bank over the first year of the instalment payment made?

What would be the monthly payment amount if first monthly payment is to be made today, along with the payment of 500,000 today.

Reference no: EM133008891

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