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ABC co. obtained a 3-year multipurpose loan for 200,000 from a loaning institution. The annual interest rate is 12% compounded monthly. Required: a) Determine the
ABC co. obtained a 3-year multipurpose loan for 200,000 from a loaning institution. The annual interest rate is 12% compounded monthly. Required: a) Determine the monthly amortization of this loan. b) How much does he still owe after paying 6 installments? Show table of diminishing balance. c) Due to the pandemic, the loaning institution offered a loan restructuring program in which a borrower's current loan balance can be recomputed with a reduced annual interest rate of 9%, with payment terms of up to 5 years. ABC co. decides to avail this program. If the company will pay off the remainder of his loan within 30 months, what will be his monthly installment under this restructured loan
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