What would be the balance of the loan

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Reference no: EM131761027

A house is bought for $260 000. The buyer pays $50 000 cash and secures a loan for the balance to be repaid monthly over a period of 20 years. (a) If interest is calculated at 19,5% p.a., compounded monthly, what will be the equal monthly payments? (b) What would be the payments if the loan were repaid over 10 years? (c) What would be the balance of the loan after 10 years, immediately after the 120th payment of the monthly amount calculated in (a)?

Reference no: EM131761027

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