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A housing loan is to be repaid by a 15-year, fortnightly annuity-immediate loan repayment instalment of $900 at a nominal interest rate of 3% per
A housing loan is to be repaid by a 15-year, fortnightly annuity-immediate loan repayment instalment of $900 at a nominal interest rate of 3% per year. After 110 such payments, the borrower requests for the loan repayment instalment to be stopped for one year (26 fortnights). Calculate the revised fortnightly loan repayment instalment when the borrower starts to pay back again, so the original loan period remains unchanged.
***********HAS TO BE DONE BY HAND NOT USING EXCEL OR ANY OTHER SOFTWARE**************************
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