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Loan amortisation problem, Mathematics
On 30 June 2012 Bill purchase a home by taking out a 30 year mortgage of $600,000 at 6% interest per annum, compounded months. Repayments are made at the end of each month.
(a) Calculate Bill’s monthly repayment assuming there are no other transaction costs.
(b) Calculate the unpaid balance on the loan as at 1 July 2022.
(c) If interest rate rises to 8% per annum, compounded monthly, from 1 July 2022, what will Bill’s new monthly repayment be if the life of the loan remains unchanged?
I have worked out my solution and was wanting the answer checked to see if I understand the working out.
Posted Date: 8/18/2012 6:51:16 PM | Location : United States
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