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2) Suppose Mr. Gyanyo is considering borrowing GHS 20,000 at 8% annual rate of interest to be repaid over 4 years. The loan is amortized
2) Suppose Mr. Gyanyo is considering borrowing GHS 20,000 at 8% annual rate of interest to be repaid over 4 years. The loan is amortized into four equal annual end-of-year payments. a) Prepare a loan amortization schedule showing the interest and principal breakdown of each of the four loan payments. b) Suppose the percentage of a borrower's annual income that goes toward paying debts is 40%. If Mr. Gyanyo earns GHS 1,000 monthly, does she qualify for the loan? Motivate your
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