Question
helen is a business woman and goes to the local bank for a 4 year loan for her new business. the loan repayment will be
helen is a business woman and goes to the local bank for a 4 year loan for her new business. the loan repayment will be quarterly with 0,09 year interest but with monthly frequency of compounting. the loan amount given to her is exactly 1.000.000 $ the first 4 payments equal 0.So, she will make 12 payments to the bank, the first 11 payments will be equals each other and exactly 70.000$ each. What is the exact amount of the last payment to be paid at the end of the loan repayment period? What is the interest payment and what is the principal repayment in the first payment that she will actually make to the bank?
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