Question
A debt of $15,000 with interest at 8.3%p.a compounding quarterly is to be repaid with 9 equal end-of-quarter payments. How much interest is in the
A debt of $15,000 with interest at 8.3%p.a compounding quarterly is to be repaid with 9 equal end-of-quarter payments.
How much interest is in the final instalment?
(Hint use excel: You can either:
- First calculate the loan outstanding at the beginning of the last quarter. The interest can then be calculated as if you were setting up a loan repayment schedule for the final quarter.
- Use IPMT function)
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Financial Services Sales Handbook A Professionals Guide To Becoming A Top Producer
Authors: Clifton T. Warren
1st Edition
1631574930, 978-1631574931
