(Answered) Yourcompanyhastakenabankloanof1000000ataninterestrateof8pera

Management Studies

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?

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