Question
Toomes has a mortgage with the bank. The details you can gather for Toomes loan are as follows: Current loan outstanding: $384,000 Current monthly repayment:
Toomes has a mortgage with the bank. The details you can gather for Toomes loan are as follows:
- Current loan outstanding: $384,000
- Current monthly repayment: $2880
- Next repayment: Due exactly 1 month from now
- Interest rate on loan: i12= 6.7%
Using this information, determine the following:
How much interest is Toomes charged for the coming month?
What will be Toomes loan outstanding after 1 month, immediately after the payment due on that day? Do NOT include a dollar sign in your answer.
What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign.
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Project Finance In Theory And Practice
Authors: Stefano Gatti
3rd Edition
0128114010, 978-0128114018
