1.Assume you take a loan of $550,000. The loan is for 15 years and the annual interest rate offered by bank is 5.35%. If the cash repayment frequency is on monthly basis, using the worksheet "Amortisation" calculate the number of repayments, effective period rate and size of repayment on the loan amount.

2. Complete the loan amortisation table using worksheet Q1. At the end of the table calculate the principle repayment amount for period 160? Explain how the amortisation table works in loan repayment schedule