Solution-First four years of the loan period

First four years of the loan period

Reference no: EM131627055

Your company has taken a bank loan of $1,000,000 at an interest rate of 8% per annum. The loan agreement requires your company to pay the loan in equal monthly installments over a period of 10 years.

(a) What is the monthly instalment of the loan payment?

(b) What will be the remaining loan balance after four years of the loan period?

Reference no: EM131627055

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First four years of the loan period

Reference no: EM131627055

Reference no: EM131627055

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