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A 20-year home loan of $550,000 has an original interest rate of 4.8% p.a. compounded monthly. The borrower keeps making equal month-end repayments. 7 years

A 20-year home loan of $550,000 has an original interest rate of 4.8% p.a. compounded monthly. The borrower keeps making equal month-end repayments. 7 years after the borrowing date, the interest rate increases to 5.4% p.a. compounded monthly. The loan still needs to be paid off by the original due date. Prepare the loan repayment schedule for month 85.

Round your answer to the nearest cent.

Month

Opening balance of the loan

Interest Paid

Principal Paid

Ending balance of the loan

85

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