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Your bank has also received an application from Alex Chan for 3 year home renovation loan. The interest rate chargeable on the home renovation loan

Your bank has also received an application from Alex Chan for 3 year home renovation loan. The interest rate chargeable on the home renovation loan is 4% p.a. on a flat rate basis. Alex earned an annual income of $60,000 and he does not have any other loan commitments.

The first 3 months of the amortised loan repayment schedule for the above home renovation loan. You are to use the following format for the amortised loan repayment schedule:

Month

Beginning

balance

Total Payment Paid Interest paid Principal paid Ending balance
1
2
3

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