Question: (4 marks) (ii) Peter has a loan from Equity bank worth Kshs 500,000,000 with an interest rate 12% per year payable on monthly basis

(4 marks) (ii) Peter has a loan from Equity bank worth Kshs 500,000,000 with an interest rate 12% per year payable on monthly basis for a period of 30 years. Required: 1. Compute monthly payment for the 360 months. kd. 12 g. 10 2. Compute loan amortization schedule repayments for the first 6 months detailing the following: . Beginning of the month loan balance 860 X 30 . Interest for each month . Principal repayment for each of the months End of the month loan balance. 10.800 X CAMPUS SOLUTIONS n academic exellence AM'S (6 marks)

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