Mathematics, 19.05.2021 17:20 shayle24
8. A family has an RM80,000, 20-year loan at 8% compounded monthly.
(a) Find the monthly payment and the total interest paid.
(5 marks)
(b) Suppose the family decides to add an extra $100 to its mortgage payment each month
starting with the very first payment. How long will it take the family to pay off the
mortgage?
(7 marks)
(c) Referring to part (i) and (ii), how much interest will the family save? (4 marks)
ANSWER
Answers: 3
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8. A family has an RM80,000, 20-year loan at 8% compounded monthly.
(a) Find the monthly payment an...
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