Use the information below to draw up a loan amortization table for each of the following scenarios and provide answers for the questions below

Information:

3 year loan of R95 000 with a 25% residual. Payments are made monthly. Interest rate is currently 12.25% per year however it is expected to drop by 50 basis points every 6 months for the duration of the loan. Answer the questions below sequentially as details of each scenario are given.

ALL ANSWERS TO 2 DECIMAL PLACES.

1. What is the fixed or uniform payment required for this loan given the interest rate changes and the residual at the end of the loan term? Uniform payment is R Blank 1. Fill in the blank, read surrounding text. .

2. Calculate a uniform payment if all the payments for year 2 are to be suspended. The uniform payment for the loan given the skipped payments, interest rate change and residual would be R Blank 2. Fill in the blank, read surrounding text. .

3. What is the balance owing at month 28? Balance at month 28 would be R Blank 3. Fill in the blank, read surrounding text. .

4. How much would one have to contribute as an extra payment to pay off the loan, (including the residual), from month 30? The extra payment from month 30 would have to be R Blank 4. Fill in the blank, read surrounding text. to pay off the loan.