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b) Happy is planning to get a loan to finance the construction of a house, worth MK20, 000,000 from FDH Bank. The bank is offering
b) Happy is planning to get a loan to finance the construction of a house, worth MK20, 000,000 from FDH Bank. The bank is offering loans at an interest rate of 10%, with a repayment period of 8 years. Happy has opted to repay the loan using a balloon amortization method, and the bank allows for a balloon payment of 30% at the end of the loan period. Given the above information, construct an amortization table for the loan that Happy intends to take. (20 Marks)
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