On the first of May 2015 Lee and Kim borrowed $250,000 from the Eastside Bank...
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Accounting
On the first of May 2015 Lee and Kim borrowed $250,000 from the Eastside Bank in order to buy an apartment. The loan was to be repaid through 180 monthly payments over a period of 15 years, with the first payment due on the first of June 2015, and each payment being the same size. The interest rate charged by the Eastside Bank was j12=5.04% p.a.
1. ANSWER IN THE FORMAT "$X,XXX.XX". The size of each monthly payment to the nearest cent is.
2. ANSWER IN THE FORMAT "$XXX,XXX.XX". The outstanding principal immediately after the 20th payment is:
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