Question: a ) You take out a KES 2 0 , 0 0 0 , 0 0 0 loan with a 5 - year term and

)

You take out a KES

20, 000, 000

loan with a

5 -

year term and an annual interest rate of

9 % .

Calculate the monthly payment required to fully amortize the loan and construct an amortization schedule to show the repayments required to fully amortize the loan.

(5

marks

)

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