Home Loan Problems Set 10 Question 9
Click here to return to the index page for all Home Loan Problems
Question 9
Gaven is purchasing a two bedroom apartment at a price of $150000. Gaven is getting a mortgage from the Guaranty Bank. Gaven has saved up enough money to put down a 17 % deposit. Gaven's mortage term is 15 years, with a fixed interest rate of 8.9 %.
Your job is to work the amount of money Gaven will have to pay to the Guaranty Bank every month.