# Interest and monthly repayment help!! Urgent plz...

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• Aug 14th 2007, 03:58 AM
CaptainBlack
Quote:

Originally Posted by tom_asian
Hello.~~

I still cant work out how to do with qus c.

My savings is \$29, 013.

I have taken the application fee from my savings which my new savings is:

Bec's Bank Kaitlyn
\$29 013 - 600 = \$28413 \$29013 - 0 = \$29013

The list of loan amounts are:

Bec bank Kaitlyn
L 15 yrs - \$162 444 .48
L 20 yrs - \$190 744 .89
L 25 yrs - \$211 471 .08

Kaitlyn
L 15 yrs - \$ 161 437 .22
L 20 yrs - \$ 189 275 .87
L 25 yrs - \$ 209 547 .15

Could you please help me get around this problem as i dont know what to do next. Could you please provide an example with one set of working out so i can analyse it and see what is going on so i can work out the others,

Thanks so much for your help:)

Bec 25y is the largest loan amount, but needs a 10% deposit so to take this
loan your savings after removal of any fees must be greater than \$21147
(it is I am reading things correctly).

RonL
• Aug 16th 2007, 03:00 AM
tom_asian
Quote:

Originally Posted by CaptainBlack
Bec 25y is the largest loan amount, but needs a 10% deposit so to take this
loan your savings after removal of any fees must be greater than \$21147
(it is I am reading things correctly).

RonL

Well i have calculated my maxmimum loan amount to be \$240491.08. Now i wish to buy a house that cost \$220,000.

Determine the loan amount to be borrowed and then calculate the required monthly repayments for your chosen time period. Use Bec's bank 25 years.

Thanks so much for your help~~~
• Aug 16th 2007, 03:46 AM
CaptainBlack
Quote:

Originally Posted by tom_asian

Well i have calculated my maxmimum loan amount to be \$240491.08. Now i wish to buy a house that cost \$220,000.

Determine the loan amount to be borrowed and then calculate the required monthly repayments for your chosen time period. Use Bec's bank 25 years.

Thanks so much for your help~~~

Other things being equal (repaymeent period and interest rate) the payments
are proportional to the amount borrowed (that is: house price - deposit). You
know the repayments for the maximum loan, so you just need to scale them
down for the new loan.

RonL
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