Solved: If the banks quoted annual interest rate is 5pa compounding, Finance Basics

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If the banks quoted annual interest rate is 5pa compounding

Jane wants to buy a house and approaches the bank to borrow $699,000. The bank agrees to lend her the money and quotes a monthly repayment amount of $6,000 with no additional loan fees. If the bank's quoted annual interest rate is 5%p.a compounding monthly calculate the number of full month-end repayments. (Answer by rounding down to whole number eg 50).

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Finance Basics: If the banks quoted annual interest rate is 5pa compounding

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