Homework Answers
Borrowing = $ 160000, Tenure = 30 years or 360 months and EAR = 4.625 % per annum or 0.3854% per month
Let the equal annul repayments be $ K and lets assume a monthly compounding
Therefore,160000 = K x (1/0.003854) x [1-{1/(1.003854)^(360)}]
K = $ 822.604
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