DREAM CHASER

Mr. Tung Chan is a young teacher at HALU University. He has a dream to own a Rolls-Royce
Ghost, which costs 16 billion VND. He decided to take a loan from the bank to chase his fantasy.
Currently in Vietnam, the maximum loan-to-value ratio is 80%
He planned to use his house, which located on km9, Nguyen Trai Road as collateral for his loan.
The house is currently priced on the market at 12 billion VND. The loan to collateral ratio is 80%
He asked some of his friends, who currently working in several banks, in particular: Oceanbank, SCB,
Vietcombank, VPBank.
We know that different bank has different interest rate for car loan (you have to look up the I/R
by yourself). Assume that the interest rate for car loan is a fixed rate, which equal to deposit rate of each
bank for 12 months + adjustable rate (A/R is the same for all banks at fixed 3.5%)
Create a loan repayment schedule for Mr. Tung Chan as his loan will be approved on October
15th 2022 and he will make his 1st repayment on November 15th 2022. The maximum duration for a
car loan in Vietnam is 7 years (after 7 years, a car will be fully amortized)
Note: Using Vietnamese loan repayment schedule, you can use Edate function to add 1 month
into a date
In case you don’t know how Rolls-Royce Ghost looks like. I mean the car, not the man, ofc!