Mathematics, 23.04.2020 23:17 villarrealc1987

Ida is considering buying an apartment in Copenhagen. She has looked at one that costs DKK 2995000. The property can be financed as follows:
- 80% mortgage loan
- 15% bank loan
- 5% self-payment
Assume that the interest rate on the mortgage is fixed at 1% p. a. and that the loan has a maturity of 30 years with fixed monthly payments.

Assume that the interest rate on the bank loan is fixed at 5% p. a. and that the loan has a maturity of 10 years with fixed monthly payments.
A) Calculate the following
own payment
the monthly effective interest rate
the monthly payment on the mortgage and the total interest cost on the mortgage, the monthly payment on the bank loan and the total interest cost on the bank loan
the total cost of the loan

Ida can also buy an apartment in Malmö for SEK 2495000.

The Swedish apartment can be financed as follows:

- 85% with a so-called mortgage loan with monthly payments at an annual interest rate of 1.55%
- 15% with a mortgage with monthly payments at an annual interest rate of 3.9%.

Both loans have a maturity of 25 years.

B) Determine the monthly payments on the two loans.

Ida has a desire to owe a maximum of DKK 1500 000 in 10 years.
C) Investigate whether the financing of the two apartments meets this desire.

I calculated question a, but I am stuck with the rest.

Answers: 2

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Ida is considering buying an apartment in Copenhagen. She has looked at one that costs DKK 2995000....