Your originally borrowed 195289 to buy a house and have been making monthly repayments of $796....
Your originally borrowed 195289 to buy a house and have been making monthly repayments of $796.
The bank has been charging you 9.54% pa.
Calculate how much money you owe the bank if there are 5 years remaining.
Calculate to TWO decimal places ignoring $ sign and cashflow
Can you give me some calculations?
Homework Answers
Money owed now if 5 years are remaining
Rate (i - monthly) = 9.54% * 1 /12 months = 0.795 or 0.00795
Monthly repayment = $796
n (period monthly) = 5 years * 12 months = 60
Money owed now = Monthly repayment *( (1 - (1/(1+i)^n)) / i )
Money owed now = $796 * ((1 - (1/(1+0.00795)^60)) / 0.00795)
Money owed now = $796 * ((1 - 0.6218) / 0.00795)
Money owed now = $796 * (0.3782 / 0.00795)
Money owed now = $796 * 47.5723
Money owed now = $37,867.55
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