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Happy is planning to get a loan to finance the construction of a house, worth $2,000,000 from Baclays Bank. The bank is offering loans at
Happy is planning to get a loan to finance the construction of a house, worth $2,000,000 from Baclays Bank. The bank is offering loans at an interest of 10% with a repyment period of 8years. Happy has opted to repay the loan using a balloon amortisation method, and the bank allows for a balloon repayment of 30% at the end of the loan period. Given the above information, construct an amortisation table for the loan Happy intends to take.
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