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May borrows 750000 to buy a unit her loan calls for equal

May borrows $750,000 to buy a unit. Her loan calls for equal monthly instalments for 10 years. Interest on the loan is 6.5% p.a.

Required:

a) What is the monthly repayment on the loan?

b) At the end of the fifth year, just after paying the instalment due at that time, May has a windfall and is considering paying out the loan.

I. How much would it cost to repay the Loan?

II.How much interest would she save?

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Business Economics: May borrows 750000 to buy a unit her loan calls for equal

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