Answer on Finance Question for raymond zhang jinsheng
Interest rate on the loan 1.8% a year for the first two years and then the rate will be 3-month SIBOR + 0.5 percent. This rate will be adjusted every 3 months after the first two years. The loan period will be 15 years. If loan is approved, the monthly payments will start from September 1, 2012
(a) Calculate the monthly payment on September 1, 2012.
(b) If the SIBOR rate is expected to be 1.2% on September 1, 2014, calculate the revised monthly payment on September 1, 2014.
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!