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2 You are planning to buy a parcel of land costing $ 3 , 7 5 0 , 0 0 0 . You have saved
You are planning to buy a parcel of land costing $ You have saved $ as a down payment. You plan to borrow the balance from your building society at a rate of to be repaid annually over a year period. The first payment is to be made immediately.
a Using Excel, compute the annual payment
b Using Excel, prepre the amortization schedule
c If you elected to pay off the balance of the loan at the end of the fourth year, how much would you have to pay using excel formulas?
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