How much would it cost to pay out the loan after four years, Financial Accounting

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How much would it cost to pay out the loan after four years

Problem

You borrow $30,000 to be repaid in equal monthly instalments over 10 years. The interest on the loan is 12% p.a. compounding (1% per month)

i. What is the monthly repayment?

ii. How much would it cost to pay out the loan after 4 years? (Note: The payout figure is the amount owing on the loan, that is, the principal balance.)

iii. How much interest is saved by paying out the loan after only 4 years?

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Financial Accounting: How much would it cost to pay out the loan after four years

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Financial Accounting: How much would it cost to pay out the loan after four years

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