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Question 19173: You have borrowed $200000 at 7% p.a taken over 25 years
a)How much is the standard monthly payment?
b)How much interest is paid over the term of the loan?
c)If you make fortnightly payments ( Half the monthly payment paid every two weeks)-
a. What will the new term of the loan be?
b. How much interest will be paid over the term of the loan?
d) If your standard FORTNIGHTLY repayment is increased by $50 per fortnight.
a. What is the new term of the loan?
b. How much interest will be paid over the term of the loan?
e) If you make fortnightly payments with an extra one off payment of $1000 made at the end of the first year.
a. What is the new term of the loan?
b. How much interest will be paid over the term of the loan?
(dear maths people,
i am a Maths-A student just finishing grade 10 and this is the first part of an assignment that has been given out. i have absolutely no clue what to do and have studied the site http://www.maths-help.co.uk/Knowldge/Num/Repay/Question.htm
and to me it seems like dutch. i know what you will say is that i should have been listening in class but thats what the problem is i have got a girlfriend and i sit next to her in every lesson and find it realy hard to concentrate seeing that i am new to the whole 'girl' thing and i am currently being threatened from my dad that if i dont get at least B- like normal i will go to a state school and i really dont want to bcoz then i cant see pettra. i understand that you guys would be experts in maths and might think i am some sort of rebellious kid that does no work and is just trying to cheat or something but i can honestly say that i am not, i have really tried all through high school to get my best results and even got a distinction in science and high distinction in mathematics in grade 8 (my good year) but i have failed to keep up with my work at this fatal part of my schooling life and am asking for just one chance because i really am falling apart. i have 2 weeks left and this assignment is due in tomorow (12:46am now) and i will spend the rest of the night doing a part of this assignment i know. my mum is in hospital at the moment (no jokes) because of a lap band (puts a band around ur stomach to lose weight) and has 360 stitches and got her belly button replaced because she is getting her loose skin cut off so therefore i have no way of getting parental help because my dad works full time and comes home eats then sleeps redy for the morning(and isnt bright anyway) so i am just asking if you could please help me out here i need to show full working and can use a loan calculator and i also had to choose 3 loans to do i got lambs fixed and variable, the rock home loan and commonwealth bank loands if that makes any sense:S but yeh i will send you my report at the end of the year of you help me with this and will stay in touch and recomend you to my friends (not for a cheap way out, for a place to find how to do stuff) anywayz thanks for your time guys/girls and i hope you have a great christmas
from james,Australia
Answer by xcentaur(357)   (Show Source):
You can put this solution on YOUR website! You have borrowed $200000 at 7% p.a taken over 25 years
SIMPLE or COMPOUND interest?
That changes the entire question,do write back.
So many questions are posted every day so it took a while to get to this question,do write back and we'll answer it asap.
Best of luck,hope you're alright
-Prabhat
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