Question: Problem 3 8 Marks You have recently borrowed a loan of $50,000 from your bank. The loan is to be repaid in monthly installments over

Problem 3 8 Marks You have recently borrowed a loan of $50,000 from your bank. The loan is to be repaid in monthly installments over a 10-year period at an annual interest rate of 12%. a) Compute the monthly payments on this loan. 5 Marks b) Prepare an amortization schedule for the first 2 months of the loan. 3 Marks

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