Question
1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and borrow the rest at an interest rate of
1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and borrow the rest at an interest rate of 6% for 30 years.
(a) What is your annual repayment?
(b) Repeat the above assuming a mortgage term of 25 years.
2. Suppose you borrow $20,000 to buy a car. The interest rate is 11% and the loan is for 8 years.
(a) What is your annual repayment?
(b) What is the remaining balance after 3 years?
(c) What is the remaining balance after 7 years?
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I Don T Trust You But Blockchain And Bitcoin Will Help
Authors: Damu Winston Mba
1st Edition
1734182512, 978-1734182514
