We take a 10-year mortgage for $100 000100000at 9.259.25%p.a. It is to be repaid in monthly repayments.
(a) What is the repayment amount? Assume that interest is compounded monthly.
(b) How long does it take to pay off 50% of the loan (i.e. to have $50 00050000outstanding)?
(c) What is the balance outstanding after two years? How much principal and how much interest have been paid?
(a) The repayment amount is nothing.(Round to the nearest cent.)
(b) It takes nothingmonths to pay off 50% of the loan.(Round to the nearest month.)
(c) The outstanding balance outstanding after two years is $nothing.(Round to the nearest cent.)