Question: Please see the attached image. Please explain how to solve the problem with detail. Thank you! You want to take a loan from your bank

Please see the attached image.

Please explain how to solve the problem with detail. Thank you!

You want to take a loan from your bank for purchasing a new car which costs E 40 000. The interest rate offered is 3% p.a. and the affordable installment rate isE 200 per month. (Use the ISMAMethod for the whole problem!) a] How many months will it take you to buy back the loan [round to full months} ? b] If you want to amortize the loan in 10 years, how much would you have to payback per month {round to euros]? c] Given the scheme of{b], what percentage of the loan value will you have paid back after 50% of the time (round to the unit position of the percentage}. d] Would the amortized percentage of {c} increase of decrease with a higher interest rate

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