Miss Sun Tzi obtained a level principal and interest on the balance loan of $78,000. The...
Miss Sun Tzi obtained a level principal and interest on the balance loan of $78,000. The nominal rate of interest is 6% with a term of 5 years and payments scheduled at the end of each month. Compute the 15th payment.
Answers: 1559, 1579, 1599, 1619
Homework Answers
Type of loan = level principal payment and interest on balance amount.
Loan amount (PV) = $78000
No of installments (N) = 5 x 12 = 60
Therefore, principal repayment per installment = 78000 / 60 = $1300
Therefore principal repaid in 14 installments = $1300 x 14 = $18,200
Therefore principal outsanding at the end of 14th installment = 78000 - 18200 = $ 59800
Rate of interest (I) = 6% p.a. = 0.50% p.m.
Interest amount for 15th installment = $59800 x 0.50% = $299
Therefore amount of 15th installment = principal payment + interest payment = $1300 + $299 = $1599
Therefore amount of 15th installment = $1599
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