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Question 2 A loan of 2,120,000 is repayable by equal quarterly payments for 15 years. The effective rate of interest is 6% pa. REQUIRED i.

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Question 2 A loan of 2,120,000 is repayable by equal quarterly payments for 15 years. The effective rate of interest is 6% pa. REQUIRED i. Find the equal quarterly payment amount. ii. Draw the amortization schedule for the loan repayment. ii. What is the interest portion paid on the 10th payment? iv. What is the total interest paid after the 25th payment? What is the amount of capital portion in the 54th payment? V

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