1. Ms. Caterina Weldon has applied for a loan from a local bank and the bank has agreed to extend to her a personal loan of $ 1,500,000/= over a period of 2¹/₂ years. This loan will be repaid in monthly installments at the end of each month over the loan period. The proposed interest rate is 14.5% p.a.

Required:

Prepare a loan repayments schedule for Ms. Matemos loan indicating:

1. The Model Drivers
2. The constant payment
3. Interest payment
4. Principal payment, and
5. The principal balance
6. Compute the total interest payable by the end of the loan period?