Loan amortisation problem, Mathematics

Loan amortisation problem, Mathematics

Assignment Help:

On 30 June 2012 Bill purchase a home by taking out a 30 year mortgage of $600,000 at 6% interest per annum, compounded months. Repayments are made at the end of each month.
(a) Calculate Bill’s monthly repayment assuming there are no other transaction costs.
(b) Calculate the unpaid balance on the loan as at 1 July 2022.
(c) If interest rate rises to 8% per annum, compounded monthly, from 1 July 2022, what will Bill’s new monthly repayment be if the life of the loan remains unchanged?

I have worked out my solution and was wanting the answer checked to see if I understand the working out.

Related Discussions:- Loan amortisation problem

Integers, Whats some negative integers that equal 36

Whats some negative integers that equal 36

Magnitude, find the magnitude of the following vectors:5i+7j

find the magnitude of the following vectors:5i+7j

Divergence test - sequences and series, Divergence Test Once again...

Divergence Test Once again, do NOT misuse this test. This test only says that a series is definite to diverge if the series terms do not go to zero in the limit. If the

Operations research, captial budgeting

captial budgeting

Shares and dividends, project

project

Geometry, prove angle MJL is congruent to angle KNL

prove angle MJL is congruent to angle KNL

Function and relation, how to know if it is function and if is relation

how to know if it is function and if is relation

Ratios, the ratio of boys to girls in the sixth grade is 2:3 if there are ...

the ratio of boys to girls in the sixth grade is 2:3 if there are 24 boys, how many are girls?

Triangles, if triangle abc is similar to def and ab/de=3/4 find the ratio a...

if triangle abc is similar to def and ab/de=3/4 find the ratio af their perimeter and area

Algebra, triangle

triangle

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd