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Financed a home loan using two loans: Fixed rate of $400,000 at a rate of 2.64% (fixed for 3 years) & Variable rate of
Financed a home loan using two loans: Fixed rate of $400,000 at a rate of 2.64% (fixed for 3 years) & Variable rate of $260,000 at a rate of 2.86%. Both loans are for a period of 20 years and payments are made fortnightly. Calculate the repayment amounts and determine if consolidating debt would help lower overall cost?
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To calculate the repayment amounts for the two loans we can use the formula for calculating the fort...
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
