Mr. Jimin borrowed money to CBA Bank for $211,000 for business development the chicken farm. The loan will be repaid over 12 years at a rate of 9% compound interest (compounded monthly). a) How much installment must be paid each month? b) Calculate the total interest to be paid. c) What is the remaining principal after 6 years? d) If the Bank offers a 6% loan interest (compounded monthly) with installments for 25 years, Give your suggestions on the offer?
Mr. Jimin borrowed money to CBA Bank for $211,000 for business development the chicken farm. The loan will be repaid over 12 years at a rate of 9% compound interest (compounded monthly). a) How much installment must be paid each month? b) Calculate the total interest to be paid. c) What is the remaining principal after 6 years? d) If the Bank offers a 6% loan interest (compounded monthly) with installments for 25 years, Give your suggestions on the offer?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Mr. Jimin borrowed money to CBA Bank for $211,000 for business development the chicken farm. The loan will be repaid over 12 years at a rate of 9%
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