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d ) Mwaura intends to purchase house valued at Kshs . 5 , 0 0 0 , 0 0 0 . He has Kshs .

d) Mwaura intends to purchase house valued at Kshs.5,000,000. He has Kshs.2,000,000 for the same purpose and will obtain a 6-year mortgage at a fixed interest rate of 12% p.a. to meet the remainder of the cost. Suppose He has approached you to help him to determine how much He wili be paying the bank in
form of principal and interest amounts every year. Determine the yearly mortgage payments and draw an amortization schedule showing the payments of interest and principal amounts.
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