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April 26, 2024, 04:44:54 pm
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Author Topic: Home Loans  (Read 1243 times)  Share 

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Teegsem

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Home Loans
« on: August 01, 2017, 03:09:28 pm »
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Could you guys please help me with this question? I have my maths trial on Thursday and would kind alike to know how to do it

Julia has been given a home loan of $400000 at 8% p.a. compounded monthly.
The loan is to be repaid in 300 equal monthly instalments of $3087.26.

Determine the amount to be repaid on this loan.

Thank you!
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EEEEEEP

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Re: Home Loans
« Reply #1 on: August 01, 2017, 03:16:41 pm »
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Quote from: Teegsem on August 01, 2017, 03:09:28 pm
Could you guys please help me with this question? I have my maths trial on Thursday and would kind alike to know how to do it

Julia has been given a home loan of $400000 at 8% p.a. compounded monthly.
The loan is to be repaid in 300 equal monthly instalments of $3087.26.

Determine the amount to be repaid on this loan.

Thank you!

Multiply the number of payments over the life of the loan by your monthly payment. Then subtract the principal amount you borrowed.

300*3087.26 = 926178 (TOTAL PAYMENTS)
926178 - 400000 = 526178 in interest =)

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Holly-Kay

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Re: Home Loans
« Reply #2 on: August 02, 2017, 01:32:08 pm »
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Hey!!!  ;D
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stephanieazzopardi

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Re: Home Loans
« Reply #3 on: August 02, 2017, 03:16:13 pm »
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Quote from: EEEEEEP on August 01, 2017, 03:16:41 pm

Multiply the number of payments over the life of the loan by your monthly payment. Then subtract the principal amount you borrowed.

300*3087.26 = 926178 (TOTAL PAYMENTS)
926178 - 400000 = 526178 in interest =)



So the total amount to be repaid would just be the first answer (300 x $3087.26 = $926 178)

:)
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