A couple purchased a home and signed a mortgage contract for $400,000 to be paid with half-yearly payments over a 25-year period

Question

3 years ago

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A couple purchased a home and signed a mortgage contract for $400,000 to be paid with half-yearly payments over a 25-year period

. The interest rate applicable is j2 = 7.5% p.a. applicable for the first five years, with the condition that the interest rate will be increased by 9% every 5 years for the remaining term of the loan. Based on the given information. your group is required to use Exxcel software to: (a) Calculate the half-yearly payment required for each five-year interval |10 marks (b) Calculate the loan outstanding (outstanding balance) at the beginning of each five year interval. [10 marks| (c) Prepare a loan amortization table for the final 12 half-years of the loan term. |10 marks

Mathematics

1 answer:

faust18 [17] · Answer 1 · 2022-05-01T13:34:44+03:00

faust18 [17]3 years ago

6 0

Answer:

Sowwwi I really need the points :(