Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you take out a loan of $ 2 500 000. the term is se

You take out a loan of $ 2 500 000. The term is set at...

60.1K

Verified Solution

Question

Finance

You take out a loan of $ 2 500 000. The term is set at 30 years and the interest rate is 1.98% per annum. The installment is payable according to the annuity principle every month, and the first payment is in one month.

a) What will be the installment amount?

b) What is the residual loan immediately after payment number 60?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Solve the recurrence relation with the given initial conditions. b0 = 0, b1 = 4, bn = 2bn...

Basic Math
Q

Choose the best choice In terms of gender and peer relationships, boys are more likely than girls...

Psychology
Q

A 10-volt voltage source is connected in a series arrangement with two resistors (R1 = 7...

Physics
Q

What is the CORRECT way to classify the protein bel inno

Biology
Q

A young executive is going to purchase a vacation property for investment purposes She needs...

Basic Math
Q

Data AGes 16 22 49 17 22 17 24 17 24 17 24 18 25...

Statistics
Q

QUESTION 30 Use the following reports to answer: a. What is the optimal value of...

Accounting
Q

Sheridan Company was organized on January 1, 2021. During its first year, the corporation issued...

Accounting
Q

examples of business model canvas that can be started with Kshs 250000

Accounting
Q

8.10 Using the zero-coupon bond prices and oil forward prices in Table 8.9, what is...

Finance
Q

One year ago, your company purchased a machine used in manufacturing for $90,000. You have...

Finance
Q

Powell Company began the Year 3 accounting period with $49,000 cash, $95,000 inventory, $69,000 common...

Accounting