2.10.1. Melissa takes a loan of R950 000 to buy a house. The interest is14,25% p.a. compounded monthly. His first instalment will commence one month after taking outthe loan.(a)Calculate the monthly repayments over a period of 20 years.(b)Determine the balance on the loan after the 100th instalment.If Melissa failed to pay the 101", 102nd, 103rd and 104th instalments,the new instalment that will settle the loan in the same time period.ne value of(c)

Answer - Monthly Repayment – Repayments means the monthly installments of principal and interest…

Answered: 2.10.1. Melissa takes a loan of R950…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a
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John takes a loan to buy a house, the borrowing amount is $376,489, and the annual percentage rate (APR) is fixed to be 3.43% for 30 years, monthly interest rate (1+3.43/100)^(1/12)-1. He pays monthly with a fixed value, calculate the total amount John has to pay in 30 years. $ 3.543e5 meaning 3.543x105, -4.321E-3 meaning -4.321x10-3. The default format is the normal format. If not mentioned, use normal format. You can search for an equation, or solve numerically, or search an online loan calculator. 10% error is allowed. L4 sig. figures in exponential format, e.g.

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