Question
You borrowed $20,000 from the Estonian Airline Credit Union at 3% p.a. calculated on the monthly-unpaid balance. You agreed to repay the loan in blended
You borrowed $20,000 from the Estonian Airline Credit Union at 3% p.a. calculated on the monthly-unpaid balance. You agreed to repay the loan in blended payments of $6,000 per month and one final payment in 4 months. The blended payments would include interest and principal repaid in the payment. Using the following table, complete a repayment schedule for the loan:
| Payment Number | Balance before payment | Amount paid | Interest paid. (Monthly rate of interest) ________
| Principal repaid | Balance after payment |
| 0 |
|
|
|
| $20,000
|
| 1 |
| $6,000 |
|
|
|
| 2 |
| $6,000 |
|
|
|
| 3 |
| $6,000 |
|
|
|
| 4 |
| ?_________ ? |
|
|
|
You borrowed $20,000 from the Estonian Airline Credit Union at 3% p.a. calculated on the monthly-unpaid balance. You agreed to repay the loan in blended payments of $6,000 per month and one final payment in 4 months. The blended payments would include interest and principal repaid in the payment. Using the following table, complete a repayment schedule for the loan:
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