Math Help - Interest and monthly repayment help!! Urgent plz...

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

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

Could you please help me with another question, sorry.

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~~~

Originally Posted by tom_asian

Could you please help me with another question, sorry.

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