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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
- 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:
- The Model Drivers
- The constant payment
- Interest payment
- Principal payment, and
- The principal balance
- Compute the total interest payable by the end of the loan period?
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Intermediate Accounting
Authors: Kin Lo, George Fisher
3rd Edition Vol. 1
9787300071374
