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Determining the loan repayments

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Reference no: EM131817346

Loan Repayments: Mathew has decided to shop around for a loan. The XYZ Bank quoted an annual effective rate of 8.3% compounded (reduced) weekly for a 20-year loan period. An annual effective rate of 8.3% is equivalent to a weekly rate of 0.15345%. Amount being borrowed is $200,000

a) What will be the weekly repayment

b) What will be the total repayments over the life of the loan?

Reference no: EM131817346

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