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

Geometry, geometry fbw = 128 saf= 104 what is rfd

geometry fbw = 128 saf= 104 what is rfd

How much is the volume increased, If the lengths of all sides of a box are ...

If the lengths of all sides of a box are doubled, how much is the volume increased? a. 2 times b. 4 times c. 6 times d. 8 times d. The volume of a box is taken by mu

Developing an understanidng of multiplication, DEVELOPING AN UNDERSTANIDNG ...

DEVELOPING AN UNDERSTANIDNG OF MULTIPLICATION :  The most important aspect of knowing multiplication is to understand what it means and where it is applied. It needs to be first i

Angles, how do you workout the value of the missing angle

how do you workout the value of the missing angle

Heat loss in a cylindrical pipe, which laws of physics are used to discuss ...

which laws of physics are used to discuss heat loss in a pipe

Average function value, Average Function Value The average value of a ...

Average Function Value The average value of a function f(x) over the interval [a,b] is specified by, f avg = (1/b-a) a ∫ b f(x) dx Proof We know that the average

Formulas of summation notation, Formulas Now there are a couple of nice...

Formulas Now there are a couple of nice formulas which we will get useful in a couple of sections. Consider that these formulas are only true if starting at i = 1. You can, obv

Learning and formulating maths teaching strategies, Before going further, l...

Before going further, let us repeat an aspect of learning which is useful to keep in mind while formulating teaching strategies. A child who can add or subtract in the context of s

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