Question
Luke borrows $750,000 from ANZ to set up a medical practice. He agrees to pay a fixed interest rate of 12% per annum compounding monthly
Luke borrows $750,000 from ANZ to set up a medical practice. He agrees to pay a fixed interest rate of 12% per annum compounding monthly and to repay by equal monthly instalments over 30 years. Calculate the monthly repayment and the remaining loan after making 36 monthly repayments.
a. | The monthly repayment is $7,714.59 and the outstanding is $740,755.94 after making 36 monthly repayments. | |
b. | The monthly repayment is $107,103.02 and the outstanding is $776,461.59 after making 36 monthly repayments. | |
c. | The monthly repayment is $7,714.59 and the outstanding is $776,461.59 after making 36 monthly repayments. | |
d. | The monthly repayment is $107,103.02 and the outstanding is $780,461.59 after making 36 monthly repayments. |
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