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A loan of 80,000 was taken out on 1 January 2016. The loan was to be repaid over 10 years in level instalments payable

A loan of 80,000 was taken out on 1 January 2016. The loan was to be repaid over 10 years in level instalments payable monthly in arrears. (i) Calculate the level monthly instalment using an effective rate of interest of 8% per annum. [2] (ii) Calculate the amount of the loan outstanding on 1 November 2018 immediately after payment of the instalment then due. [3]

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