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Mary-Jane borrows $650,000 to buy a one-bedroom apartment. Her loan calls for equal monthly instalments for over 10 years. Interest on the loan is 5%
Mary-Jane borrows $650,000 to buy a one-bedroom apartment. Her loan calls for equal monthly instalments for over 10 years. Interest on the loan is 5% p.a.
At the end of the fifth year, just after paying the instalment due at that time, May has won May won $6million on Powerball and is considering paying out the loan.
Required: How much is required to repay the loan?
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