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You are considering the purchase of a home for $700,000. You have available a deposit of $100,000. The bank will lend you money at 7

  1. You are considering the purchase of a home for $700,000. You have available a deposit of $100,000. The bank will lend you money at 7 per cent per annum compounded monthly over a period up to 20 years. If you borrow the required funds over 20 years, what are the monthly repayments? After two years, how much do you still ow the bank? What is the interest component of the 25th repayment?

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