Hey. Could somebody please help me. Thank you ~~

Info given:

**Bec Bank**
Minimum deposit - 10% of sale price

Application fee - $600

Term of Loan - 15,20 or 25 years

Interest rate (% p.a. fixed) - 6.25% p.a compounded daily

Maximum Monthly Repayment Criteria - 25% of gross monthly income

**Kaitlyn credit union **
Minimum deposit - 5% of sale price

Application fee - Nil

Term of Loan - 15,20 or 25 years

Interest rate (% p.a. fixed) - 6.35% p.a compounded daily

Maximum Monthly Repayment Criteria - 25% of gross monthly income

salary = $60000

c) Calculate the maximum loan amount that you would be allowed to borrow at that time. Show working to justify that your savings satisfy the criterion for the deposit. Note. When considering the bank loan the application fee comes out of your savings before any other calculations are considered.