Consider a loan of $100,000 which is to be repaid in 15 years with equal monthly repayments, beginning one month after the loan is taken out. The interest rate for the duration of the loan is 6% p.a. compounded monthly.
(a) Calculate the monthly repayment amount.
(b) Use Excel to draw up the loan repayment schedule. Do not print this out.
(c) Use the schedule to find the interest component of the 60th payment and the balance after the 120th payment.
(d) Find the total payments made and the total interest payments.