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Your relative just purchased a new car for N$120 000. He was able to make...

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Accounting

Your relative just purchased a new car for N$120 000. He was able to make a down payment equal to 25% of the value of the car; the balance was mortgaged. The rate by the bank is 10% compounded annually. The mortgage has a 20-year amortization period (this means that payments are calculated assuming it will take 20 years to pay off the loan).

REQUIRED

a) Calculate the size of the payments to the nearest N$

b) Determine the balance remaining on the mortgage after 5 years

Please show manual working.

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