Homework answers / question archive / One client borrows $100,000 at 6% annual interest rate with continuous compound- ing from a bank for one year

One client borrows $100,000 at 6% annual interest rate with continuous compound- ing from a bank for one year

Finance

Share With

One client borrows $100,000 at 6% annual interest rate with continuous compound- ing from a bank for one year. The loan will be repaid with the same amount at the end of each month. (a) Determine the monthly repayment. (b) 3.5 months later, the client makes an early repayment of $20000, what is the new monthly repayment for the left time?