Math & Data Science Q&A - Get answers from our AI that are verified by human experts
First time here? Checkout the FAQs!
x

*Math Image Search only works best with zoomed in and well cropped math screenshots. Check DEMO

Jennifer bought a house for R620 000. She paid \(35 \%\) cash and the balance was paid through a bank loan. The interest paid on the loan was \(15 \%\) per annum compounded monthly.

MathsGee Android Q&A


0 like 0 dislike
12 views
Jennifer bought a house for R620 000. She paid \(35 \%\) cash and the balance was paid through a bank loan. The interest paid on the loan was \(15 \%\) per annum compounded monthly.

(a) Calculate how much she would pay on a monthly basis if the loan is to be paid off over twenty years assuming that her first payment was made one month after the loan was granted.

(b) Calculate the balance outstanding at the end of the sixth year.

(c) At the end of the sixth year, the interest rate dropped to \(12,25 \%\) per annum compounded monthly. Calculate her new monthly repayment one month after the interest rate dropped.
in Mathematics by ♦ Diamond (75,025 points) | 12 views

Related questions

Join MathsGee and get expert-verified answers to your maths and data science questions fast. We use a combination of generative AI and human experts to provide you the best answers to your questions. Ask a question now!


On the MathsGee, you can:


1. Ask and answer questions


2. Get expert-verified answers


3. Vote on questions and answers


4. Tip your favorite community members


5. Join expert live video sessions (Paid/Free)


6. Earn points by participating


7. Start a Fundraiser



Posting on MathsGee


1. Remember the human


2. Act like you would in real life


3. Find original source of content


4. Check for duplicates before publishing


5. Read the community guidelines




MathsGee Rules


1. Answers to questions will be posted immediately after moderation


2. Questions will be queued for posting immediately after moderation


3. Depending on the number of messages we receive, you could wait up to 24 hours for your message to appear. But be patient as posts will appear after passing our moderation.




MathsGee Android Q&A

Subjects

Most popular tags

MathsGee Android Q&A