Question
1. You are considering the purchase of a house in Sydney for $750,000. You have available deposit of $100,000. ANZ bank will lend you money
1.You are considering the purchase of a house in Sydney for $750,000. You have available deposit of $100,000. ANZ bank will lend you money at the rate of 6 per cent per annum compounded monthly over a period of up to 25 years. If you borrow the required funds over 25 years, what are the monthly repayments? After 10 years, how much do you still owe the bank?
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Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
