An amount of $35000 is borrowed for 20 years at 10.5% per annum compounded monthly. A) What are the payments for the loan?
B) how much interest is paid on the loan over the 20-year period?
C) how much is still owing after 4 years?
After 4 years, interest rate rises to 13.75% per annum.
D) what are the new payments that will see the amount paid in 20 years?
E)how much extra must now be repaid on the loan after the term of 20 years