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What is the maximum she can borrow

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Reference no: EM133122003

Nikki wants to buy an investment property. She has a deposit of $22000, and is prepared to pay it off over 4 years at a maximum of $600 per month. Some time ago, she was slowly paying off a loan so she is charged interest at 24% p.a. compounded monthly.

(a) What is the maximum she can borrow

(b) Find the maximum price she can pay for a property

(c) If she pays the maximum, how much of her total payments will be interest?

Reference no: EM133122003

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