Loan of $420,000 1. nominal rate per annum Vm, rate per month n (years) 4.50% 0.38% 4.3 12 51.40 $42

Loan of $420,000 1. nominal rate per annum Vm, rate per month n (years) 4.50% 0.38% 4.3 12 51.40 $420,000 $9,000.00 n'm number of monthy repayments Loan End of month repayment Recreate the above table in your own version of excel. At a rate of 4.5%pa compounding monthly, to repay the loan you see that 51 full repayments of $9.000 are required in addition to a smaller final repayment. If the interest rate is changed to 17.8% pa. compounding monthly, how many full repayments of $9,000 will be required to repay the loan? answer by rounding down to whole numbers to reflect full repayments eg 51) Answer:

 

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