The writer is very fast, professional and responded to the review request fast also. Thank you.
You have had your offer of $800,000 on a house accepted and have arranged with the bank for a 30 year mortgage equal to 90% of the sale price. The agreement calls for monthly repayments and the bank will charge a nominal annual interest rate of 6%.
a. If the first payment is due one month after the loan is received, calculate the amount for the regular installments.
b. After the 36thpayment the interest rate decreases to 5% p.a. Assume you have decided to maintain the monthly repayment. If you choose to pay out the mortgage after the 36thpayment, what is the payout figure?
c. If you choose not to pay out the mortgage after the 36thpayment, how much longer will it take you to pay out the loan?
Loan Amou720000Monthly Ra0.005Period360PMT$4,316.76Period Payment1 $4,316.762 $4,316.763 $4,316.764 $4,316.765 $4,316.766 $4,316.767 $4,316.768 $4,316.769 $4,316.7610 $4,316.7611…
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more