Question
Helen takes out a 30-year home loan of $900,000. She makes equal month-end repayments of $X at the interest of 6% p.a. compounded monthly. 10
Helen takes out a 30-year home loan of $900,000. She makes equal month-end repayments of $X at the interest of 6% p.a. compounded monthly. 10 years after Helen takes out the home loan, the loan outstanding balance becomes $753,171.52. The bank increases the interest rate to 7.2% p.a. compounded monthly. Helen has to increase her monthly repayment to $Y in order to repay the loan in the remaining 20 years.
Which of the following equations can be used to find the increased monthly repayment $Y?(There may be more than one correct answer. You will lose marks by choosing a wrong answer. The minimum mark for the question is zero.) (2 marks)
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