Bec 25y is the largest loan amount, but needs a 10% deposit so to take thisOriginally 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
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~~~
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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