Question: calculate monthly payment Instruction: Complete ALL questions from this section. Mark Gore plans to get married and he wants to purchase a house for $l

calculate monthly payment

Instruction: Complete ALL questions from this section. Mark Gore plans to get married and he wants to purchase a house for $l 300 000. He entered into an agreement with National Housing Trust (NI-IT) to provide 50% nancing which involved monthly payments over ve (5) years at 12% per annum. The remainder of the funds Would be borrowed from his commercial bank. Terms of the bank loan are 10% down payment with the balance to be repaid at 20% interest over three (3) years. A. Calculate monthly payments to NHT if payments are made at the end of each month. (5 marks) B. Compute annual end of year payments to the commercial bank. {'5 marks) C. Considering B. above. prepare the amortisation schedule for this loan. (It? marks] (Tom! 20 marks)

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