Priya has taken out a 30-year mortgage from the Commonwealth Bank to purchase her new home. The mortgage has a 2.45% annual interest rate, and Priya makes weekly payments of $350, which cover both the principal and the interest. Required: 1. Calculate the total amount Priya has borrowed from the bank. 2. If the mortgage amount accounts for 80% of her house value, how much has Priya paid as a deposit for the house? Priya is a student in the 2-year Master of Public Administration course at the Holmes Institute. At the start of each trimester, she is required to pay a fixed fee for each unit she is enrolled in. What type of cash flow is it?
Priya has taken out a 30-year mortgage from the Commonwealth Bank to purchase her new home. The mortgage has a 2.45% annual interest rate, and Priya makes weekly payments of $350, which cover both the principal and the interest. Required: 1. Calculate the total amount Priya has borrowed from the bank. 2. If the mortgage amount accounts for 80% of her house value, how much has Priya paid as a deposit for the house? Priya is a student in the 2-year Master of Public Administration course at the Holmes Institute. At the start of each trimester, she is required to pay a fixed fee for each unit she is enrolled in. What type of cash flow is it?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Priya has taken out a 30-year mortgage from the
Commonwealth Bank to purchase her new home. The
mortgage has a 2.45% annual interest rate, and Priya
makes weekly payments of $350, which cover both the
principal and the interest.
Required:
1. Calculate the total amount Priya has borrowed from
the bank.
2. If the mortgage amount accounts for 80% of her
house value, how much has Priya paid as a deposit for
the house?
Priya is a student in the 2-year Master of Public
Administration course at the Holmes Institute. At the start
of each trimester, she is required to pay a fixed fee for
each unit she is enrolled in.
What type of cash flow is it?
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