How much interest is paid on the loan in first month payment

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Reference no: EM13971889

A company takes out a loan for $150,000 at a nominal interest rate of 8% compounded monthly. The company agrees to pay back the loan in equal monthly payments for 15 years.

a) What is the monthly payment for this loan?

b) How much interest is paid on the loan in the first month payment?

c) Using Excel or other spreadsheet, complete an amortization table for this loan.

Reference no: EM13971889

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