please answer before 3 hours A loan of 50,000 is being repaid over...
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A loan of 50,000 is being repaid over a period of 10 years by a series of level monthly instalments. Interest is charged on the loan at the rate of 8% pa effective. (i) Calculate the monthly repayment. (ii) Calculate the amount of interest paid in the first year. (iii) After the payment at the end of 7 years, the borrower takes a 2-month payment break, i.e. he does not pay the next 2 monthly instalments. Calculate the extra amount he has to pay each month in order to clear his debt by the end of the 10th year
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