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Now that they have accumulated a deposit of $50,000,ScottandHelenwish to use the deposit and take out a housing loan to purchase a home. The home costs $600,000. The loan is to be repaid in equal monthly instalments over a term of 25years. Jenny recalls that the interest rate quoted by the bank is anannual nominal rate of 6.0%pa compounded monthly.After 10 years (120th repayment has just been made), the bank announces the interest rate will change to anannual nominal rate of 4.8%pa compounded monthly.
(i) How much is the original monthly repayment?
(ii) Provide Scott and Helen with a repayment schedule based on the original loan using excel.
(iii) How much is the monthly repayment after the interest rate cut, assuming Scott and Helen now wish to repay the loan in 10 years?
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