I am required to buy an expensive equipment for which i need to borrow GBP 1,500,000.00 The bank offered me the opportunity to repay the debt in a number of months (T) equals to 4 times 41 plus 36. Such that T= 4.41+36 = 200 months. For a monthly interest rate of 0.27%.
How much should I pay a month so that I will be debt free in exactly T months? I am asked to pay exactly the same amount every month while the monthly interest is applied to the outstanding balance on a monthly basis.
How much will be the outstanding balance of my debt after 30 months?