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Question 3 You contract a loan of 180,000AED on 5 years. The interest rate is 2% compounded annually. Construct an amortizati

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Answer #1

First of all let's find amount of instalment:-

present value of annuities = Annual payment * PVFA2%,5years

180000 = Annaul payment * 4.713

Annual payment = 38192.23

Loan amortization schedule given as below

Year 2 LOAN AMORTISATION SCHEDULE opening Installment principal interest closing 180000 38192.23 34592.23 3600 145407.77 1454

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