Interest and payment calculations: annuity loan with fixed annual payments

[glassxx]

You borrow an amount of $2 500 000 for an apartment. The loan is an annuity loan with fixed annual payments: 25 annual payments, first payment in one year. The annual interest rate is 2.3 %.
a) Calculate the size of each payment.

b) How much is interest and how much is down payment on the loan in the first payment?

Immediately after you have paid the 10th payment, you inherit $850 000 kr. You decide to reduce the size of your loan with the whole amount you inherited.
c) Calculate the size of each of the remaining 15 payments.


d) How much is interest and how much is down payment on the loan in the final payment?

 

[stapel]

You borrow an amount of $2 500 000 for an apartment. The loan is an annuity loan with fixed annual payments: 25 annual payments, first payment in one year. The annual interest rate is 2.3 %.

a) Calculate the size of each payment.

b) How much is interest and how much is down payment on the loan in the first payment?

Immediately after you have paid the 10th payment, you inherit $850 000 kr. You decide to reduce the size of your loan with the whole amount you inherited.

c) Calculate the size of each of the remaining 15 payments.

d) How much is interest and how much is down payment on the loan in the final payment?

What formula(s) did they give you for these sorts of computations? How far have you gotten in applying that information? Where are you getting stuck?

Please be complete. Thank you!