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Find the amount of interest accrued in the final month

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Reference no: EM132493149

Problem 1: A student applied for NLSPS to pay for his tuition in Year 2, Year 3 and Year 4 of his undergraduate study. The tuition fee is $74,000 per year. Assuming the annual interest rate and the study interest rate are both 1.132%, calculate the monthly installment amount to pay off the debt in 120 months after graduation.

Problem 2: You borrowed $350,000 from a private financial institution. The monthly flat rate is 0.24% and you plan to pay it off in 6 years with monthly repayment. Interest is allocated based on Rule of 78. Find the amount of interest accrued in the final month.

Reference no: EM132493149

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