A loan of 5000 is to be amortized with the monthly payments, Ask an Expert

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A loan of $5,000 is to be amortized with the monthly payments of $200 for as long as necessary plus the smaller final payment one month after the last regular payment. Interest is calculated at i(12) = 0.12 on the first $3000 of outstanding loan balance and at i(12) = 0.09 on any excess.

(a) Find out the principal repaid in fifth payment.

(b) Find out the "crossover" point.

(d) Find out the amount of the final payment?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91145376

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