Posted by
**Gibbons** on
.

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.