Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please how to solve it,,,! thank you In this part of the assignment, you are required to prepare a loan repayment schedule for a mortgage

Please how to solve it,,,!

thank you

image text in transcribed

In this part of the assignment, you are required to prepare a loan repayment schedule for a mortgage loan you borrowed from the bank. The loan is to be repaid by equal month-end repayments starting from the end of the first month. The monthly repayments include both the interest and the principal on the loan (P&I). The term of the loan is n years. Complete the table below showing the variables you need for the loan repayment schedule Student number digit by digit 4632 4631 Number of years you have to repay the loan, n. Number of months you have to repay the loan, n'm Nominal annual interest rate p.a compounded monthly Gm) Effective monthly interest rate (i=jw/m) Original loan amount $927,262 Fixed monthly repayment (P&I) amount Answer must be positive (greater than o) DO NOT Round any amounts in the Amortisation Schedule. Use format commands to display as currency. Loan Amortisation Schedule Balance at the beginning of month Interest paid Principal paid Balance at the end of month 7.00% Month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions