Question
1) You are the Finance Manager for Andy & Co and have received the approval to borrow $200,000 with interest rate settled @5% p.a. The
1) You are the Finance Manager for Andy & Co and have received the approval to borrow $200,000 with interest rate settled @5% p.a. The loan is for a period of 5 years. And to be repaid monthly. Calculate the repayment amount and total interest amount for the loan.
2) Andy & Co has also got a car loan of $25,000 for 3 years with interest rate settled @8% p.a. to be compounded quarterly. Calculate the accrued amount for the loan.
3) As on 31st May, 2016, Andy & Cos loan account shows a balance of $5,100. The company made the minimum monthly payment of $100 for the month of June on 1st June. Calculate the interest amount accrued for June by considering the interest rate of 6% p.a.
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