March 28, 2017

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A loan of $7,000,000 is being amortised over 48 months at an interest rate of 12% compounded monthly. Find:
(a) the monthly payment;
(b) the principal outstanding at the beginning of the 36th month;
(c) the interest in the 36th payment;
(d) the principal in the 36th payment and
(e) the total interest paid.

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