(a) Mr. Bill wants to buy a house at the price of $2,000,000 which will be settled...
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(a) Mr. Bill wants to buy a house at the price of $2,000,000 which will be settled by regular payments of $10,000 at the end of each month for as long as necessary, if a drop payment is made. The effective interest rate is 4% p.a.
(i) Determine the amount of the final payment.
(ii) Set up a partial amortization schedule to show all the entries of the last two payments. Show how to calculate each entry.
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