Answer to Question #117583 in Finance for lim

Question #117583
Without using finance calculator,
Noel bought a house by making a down payment of RM 45,000. The balance was borrowed from a bank which charged interest of 7% compounded monthly for 25 years with monthly payments of RM 1413.56.

(a) Find the amount borrowed.
(b) What is the market price of the house?
(c) If he failed to make the first 5 payments, how much should he pay on the 6th payment to settle all the outstanding arrears?
1
Expert's answer
2020-05-25T09:24:59-0400

a)

P-payments

S- sum of borrowed

i-interest rate

n-number of years

b) 45,000+16,475.06=61,475.06

c) 6


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS