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You bought an apartment which wan in a 20-year mortgage of 10,000,000 from the bank ABC. The bank ABC asked you pay back the loan
You bought an apartment which wan in a 20-year mortgage of 10,000,000 from the bank ABC. The bank ABC asked you pay back the loan by monthly payment on 3.6% nomonal interest rate with 3-year grace(pay interest only). You have stayed with the bank ABC for 5 yesrd and your Minimum Attractive Rate of Return(MARR) is 0.75% per month
(1)What is the monthly payment that you are asked to make now
(2)what is the interest you have paid so far
(3)what is the remaining principal
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