Home Loan Problems Set 8 Question 1
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Question 1
Andy is purchasing a three bedroom flat at a price of $560000. Andy is getting a mortgage from the First Commercial Bank. Andy has saved up enough money to put down a 30 % deposit. Andy's mortage term is 20 years, with a fixed interest rate of 2.1 %.
Your job is to work the amount of money Andy will have to pay to the First Commercial Bank every month.