Jack borrows $550,000 on a 30-year home loan to purchase an apartment. The bank charges an interest rate of 6% p.a. compounded monthly and Jack agrees to make monthly repayments at the end of each month.

b) Complete the loan amortisation schedule for the last month (i.e. 360thmonth) of

the loan. (Assume that the interest rate remains the same).

Month Loan Balance (beginning of Interest Repayment month) Interest Loan balance (end of month)

360 ?

c) Calculate the total amount of interest paid over the thirty years