Question: a $30000 5-year payment loan with level payment payable at the end of each month. (i) Calculate the level payment of each month with loan
a $30000 5-year payment loan with level payment payable at the end of each month.
(i) Calculate the level payment of each month with loan interest of 8% effective monthly.
(ii) Calculate the loan balance at the end of month 3 after the third loan payment is made by using retrospective method.
(iii) Calculate the loan balance at the end of month 3 after the third loan payment is made by using prospective method.
(iv) what is total interest paid for the entire loan period.
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