2,4% compounded yearly

2000 monthly payment

1 000 000 initial payment

40 years

We are still thinking that the price of the apartment is very expensive, we believe we could convince the bank of making payments only once a year, at the end of the year. The interest rate would still be the same 2.4%, how much money have we saved with this action?

a) In the payments for each year?

b) in the total amount paid for the whole period?

c) what is the present value of the savings?