Suppose you take out 5000 loan at the bank of suny to be, Ask an Expert

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Suppose you take out $5,000 loan at the Bank of SUNY, to be paid off, with monthly compounding, two years (I.e. In 24 monthly installments). The interest rate on that loan is 24% per year.

1. Find the monthly installment.

2. Construct the amortization schedule for the first two months only, and find the amount of principal paid back in the second month.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92857213

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