Page 2 of 2 FirstFirst 12
Results 16 to 18 of 18

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

  1. #16
    Grand Panjandrum
    Joined
    Nov 2005
    From
    someplace
    Posts
    14,972
    Thanks
    4
    Quote Originally Posted by tom_asian View Post
    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
    Follow Math Help Forum on Facebook and Google+

  2. #17
    Newbie
    Joined
    Aug 2007
    Posts
    17
    Quote Originally Posted by CaptainBlack View Post
    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~~~
    Follow Math Help Forum on Facebook and Google+

  3. #18
    Grand Panjandrum
    Joined
    Nov 2005
    From
    someplace
    Posts
    14,972
    Thanks
    4
    Quote Originally Posted by tom_asian View Post
    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
    Follow Math Help Forum on Facebook and Google+

Page 2 of 2 FirstFirst 12

Similar Math Help Forum Discussions

  1. Compound Monthly Interest question
    Posted in the Math Topics Forum
    Replies: 7
    Last Post: September 25th 2011, 08:20 PM
  2. Interest compounded monthly and quartely
    Posted in the Business Math Forum
    Replies: 9
    Last Post: December 2nd 2010, 06:41 PM
  3. Interest compounded monthly.
    Posted in the Business Math Forum
    Replies: 5
    Last Post: October 17th 2010, 11:32 PM
  4. equivalent compounded monthly interest of a loan.
    Posted in the Business Math Forum
    Replies: 3
    Last Post: June 9th 2010, 05:23 PM
  5. Monthly Payments + Interest Problem
    Posted in the Business Math Forum
    Replies: 3
    Last Post: September 13th 2007, 04:37 PM

Search Tags


/mathhelpforum @mathhelpforum