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

Cross product - vector, Cross Product In this last section we will loo...

Cross Product In this last section we will look at the cross product of two vectors.  We must note that the cross product needs both of the vectors to be three dimensional (3D

What is the probability that |x| < 2 , A number x is chosen at random ...

A number x is chosen at random from the numbers -3, -2, -1, 0 1, 2, 3. What is the probability that  | x| Ans :    x  can take 7 values To get |x| Probability (| x |

Proportions Ratios, Give me an example , please : 1 over 2 , 14 over twenty...

Give me an example , please : 1 over 2 , 14 over twenty-eight

Graph, Graph A graph G = (V, E) contains a (finite) set that is denote...

Graph A graph G = (V, E) contains a (finite) set that is denote by V, or by V(G) if one wishes to make clear which graph is under consideration, and a collection E, or E(G), o

Last year a math textbook cost $54 what is this years cost, Last year, a ma...

Last year, a math textbook cost $54. This year the cost is 107 percent of what it was last year. What is this year's cost? a. $59.78 b. $57.78 c. $61.00 d. $50.22 To ?nd out

Describe laws of cosines, Q. Describe Laws of Cosines? The law of cosin...

Q. Describe Laws of Cosines? The law of cosines is used to find the missing piece of a triangle if we are given either 1. Two sides and the included angle (SAS) or  2. All t

Hyperboloid of one sheet - three dimensional spaces, Hyperboloid of One She...

Hyperboloid of One Sheet The equation which is given here is the equation of a hyperboloid of one sheet. x 2 /a 2 + y 2 /b 2 - z 2 /c 2 = 1 Here is a diagram of a com

Determine the measurements of segments and angles, Determine the Measuremen...

Determine the Measurements of Segments and Angles Postulate 1.5 (The Distance Postulate) There is a unique positive number corresponding to every pair of points. Pos

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