Bank loans are paid off in equal installments. Suppose that you take out a four-year loan of $5000. The bank requires you to repay the loan evenly over the four years on monthly basis. The Effective annual rate bank charges are 6.3%. (Marks 4) What is monthly payment of installment? Construct a monthly amortization schedule of $5000 loan to be paid over 4 years? What sense you could make from the relationship between interest and principle paid over ? How is total interest paid over 4 years?