A Loan of $420,000 1 2 i, nominal rate per annum i/m, rate per month 3 4 n (years) 5 m 6 n'm, number of monthy repayments 7 Loan 8 End of month repayment B 4.50% 0.38% 4.3 12 51.40 $420,000 $9,000.00 Recreate the above table in your own version of excel. At a rate of 4.5%p.a compounding monthly, to repay the loan you see that 51 full repayments of $9,000 are required in addition to a smaller final repayment. If the interest ra s changed to 17.6% p.a. compounding monthly, how many full repayments $9,000 will be required to repay the loan? (answer by rounding down to who numbers to reflect full repayments.eg 51)
A Loan of $420,000 1 2 i, nominal rate per annum i/m, rate per month 3 4 n (years) 5 m 6 n'm, number of monthy repayments 7 Loan 8 End of month repayment B 4.50% 0.38% 4.3 12 51.40 $420,000 $9,000.00 Recreate the above table in your own version of excel. At a rate of 4.5%p.a compounding monthly, to repay the loan you see that 51 full repayments of $9,000 are required in addition to a smaller final repayment. If the interest ra s changed to 17.6% p.a. compounding monthly, how many full repayments $9,000 will be required to repay the loan? (answer by rounding down to who numbers to reflect full repayments.eg 51)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can you help me to find the full repayment for this question, please?
Transcribed Image Text:1
A
Loan of $420,000
i, nominal rate per annum
i/m, rate per month
n (years)
m
2
3
4
5
6 n'm, number of monthy repayments
7
Loan
8
End of month repayment
B
4.50%
0.38%
4.3
12
51.40
$420,000
$9,000.00
Recreate the above table in your own version of excel. At a rate of 4.5%p.a
compounding monthly, to repay the loan you see that 51 full repayments of
$9,000 are required in addition to a smaller final repayment. If the interest rate
is changed to 17.6% p.a. compounding monthly, how many full repayments of
$9,000 will be required to repay the loan? (answer by rounding down to whole
numbers to reflect full repayments.eg 51)
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