Loan amortisation problem, Mathematics

Assignment Help:
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.

Related Discussions:- Loan amortisation problem

My homework, Paulina played 3 soccer games on Saturday she drank I juice bo...

Paulina played 3 soccer games on Saturday she drank I juice box during each soccer game how many juice boxes did she drank

Prove any prime number is irrational, 1. Show that there do not exist integ...

1. Show that there do not exist integers x and y for which 110x + 315y = 12. 2. If a and b are odd integers, prove that a 2 +b 2 is divisible by 2 but is NOT divisible by 4. H

What is the greater of two consecutive negative integers, What is the great...

What is the greater of two consecutive negative integers whose product is 132? Let x = the lesser integer and let x + 1 = the greater integer. Because product is a key word for

Conjugate of the complex number, The conjugate of the complex number a + b ...

The conjugate of the complex number a + b i is the complex number a - b i .  In other terms, it is the original complex number along the sign on the imaginary part changed.  Here

Types of sets, NULL/ VOID/ EMPTY SET A set which has no element is know...

NULL/ VOID/ EMPTY SET A set which has no element is known as the null set or empty set and is indicated by f (phi). The number of elements of a set A is indicated as n (A) and

Combining like terms, i don''t understand what my teacher when she talks ab...

i don''t understand what my teacher when she talks about when she talks about cosecutive integers etc... so can u help me???

Solids, a can of soup is shaped like wich solid

a can of soup is shaped like wich solid

Determine the area of the inner loop - polar coordinates, Determine or find...

Determine or find out the area of the inner loop of r = 2 + 4 cosθ. Solution We can graphed this function back while we first started looking at polar coordinates.  For thi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd