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Last Friday, March 26th 2021, I was given a loan of $100,000 that I will repay by 10 monthly installments starting on September 26th 2021,
Last Friday, March 26th 2021, I was given a loan of $100,000 that I will repay by 10 monthly installments starting on September 26th 2021, plus an extra payment of $5,000 on December 26th 2021. The nominal interest rate is 6% compounded monthly. Find:
(a) The value of the monthly installments.
(b) The outstanding loan balance after paying the third installment.
(c) The amount of interest paid in the seventh installment.
(d) The total principal repaid in the last three installments.
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