A private producer of crops in Bohol wants to purchase a heavyduty harvester that cost a whopping 1.6 million pesos in order to adapt to advanced farming technology . The company plans to loan in order to purchase the said machine. The bank has agreed and given the following terms to the farmer. Loan amount 1,600,000.00 Loan Type : END Balloon payment at the end 300,000.00 Annual Rate is: 3.72 % Years to pay Years Payment Method: Monthly First payment date 05/17 / 21 Instructions: 1. Compute the period rate 2. Compute the payment every period 3. Compute how many numbers of periods in a year 4. Compute the total number of periods 5. Complete the amortization table simulating the client's payment until the last periodMake sure the balance of the last period is 300 000 (Balloon Payment)
A private producer of crops in Bohol wants to purchase a heavyduty harvester that cost a whopping 1.6 million pesos in order to adapt to advanced farming technology . The company plans to loan in order to purchase the said machine. The bank has agreed and given the following terms to the farmer.
Loan amount 1,600,000.00
Loan Type : END
Balloon payment at the end 300,000.00
Annual Rate is: 3.72 %
Years to pay Years Payment Method: Monthly First payment date 05/17 / 21
Instructions:
1. Compute the period rate
2. Compute the payment every period
3. Compute how many numbers of periods in a year
4. Compute the total number of periods
5. Complete the amortization table simulating the client's payment until the last periodMake sure the balance of the last period is 300 000 (Balloon Payment)
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