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







Related Discussions:- Loan amortisation problem, Assignment Help, Ask Question on Loan amortisation problem, Get Answer, Expert's Help, Loan amortisation problem Discussions

Write discussion on Loan amortisation problem
Your posts are moderated
Related Questions
Differentiate following functions. (a)    R ( w) = 4 w - 5 log 9 w (b)   f ( x ) = 3e x + 10x 3 ln x Solution :  (a) It will be the only example which doesn't includ

in 1970 a record 1.5 of rain fell in one minute at Basse Terre, guadaloupe in the caribbnean.at this rate, how much rain fell in 3 seconds or 0.05 of a minutes?

Case 1: Suppose we are given expressions like 3abc and 7abc and asked to compute their sum. If this is the case we should not worry much. Because adding like exp

verify liouville''s theorem for y''''''-y''''-y''+y=0

From top of a tower a stone is thrown up and it reaches the ground in time t1. A second stone is thrown down with the same speed and it reaches the ground in t2. A third stone is r

Why is it important the the Enlightenment grew out of the salons and other meeting places of Europe? Who was leading the charge? Why was this significant? Where there any names or

Let m be a positive integer with m>1. Find out whether or not the subsequent relation is an equivalent relation. R = {(a,b)|a ≡ b (mod m)} Ans: Relation R is illust

an insurance salesman sells policies to 5 men, all of identical age in good health. the probability that a man of this particular age will be alive 20 years hence is 2/3.Find the p

Intermediate Value Theorem Suppose that f(x) is continuous on [a, b] and allow M be any number among f(a) and f(b).   There then exists a number c such that, 1. a 2. f (

discuss the sequencing decision problem for n jobs on two and three machines