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(c) Mr. Absalom Ndonye intends to borrow Kshs. 1,275,000/=from his bank at the rate of 14.5% p. a. The loan will be paid in equal

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(c) Mr. Absalom Ndonye intends to borrow Kshs. 1,275,000/=from his bank at the rate of 14.5% p. a. The loan will be paid in equal monthly instalments over a period of two and half (21/2) years. Required: In respect of Absalom Ndonye's loan account: (1) Set up an excel Drivers schedule. (1 Mark) (11) Determine the constant loan payment instalment amount within the schedule (A complete loan Amortization Schedule not required (1 Mark)

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