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Calculate the revised fortnightly loan repayment instalment

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Suppose δ() = 0.015for 0 ≤ t ≤ 6, find the accumulated value of the annuity-immediate at time = 6 assuming:

A housing loan is to be repaid by a 15-year, fortnightly annuity-immediate loan repayment instalment of $900 at a nominal interest rate of 3% per year. After 110 such payments, the borrower requests for the loan repayment instalment to be stopped for one year (26 fortnights). Calculate the revised fortnightly loan repayment instalment when the borrower starts to pay back again, so the original loan period remains unchanged.

Reference no: EM132608644

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