Business Math

Mary bought a house for RM 350,000 5 years before and paid a 10% down payment and took a 15 years bank loan for the remaining amount. The bank charges 4.38% p.a. compound interest on a reducing balance basis on property loans. Mary is to repay the loan by equal monthly installments of RM2,390.46 the first to be paid in one month from today(year 2001).
One day, Mary win the lottery about RM 50,000, she decide to take this amount to pay her remaining debt to see whether worth or not. Besides that, she still have 10 years left to finish her loan.

  1. 0
  2. 1
asked by Tracy

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 7 years. The interest rate on the debt is 13%, compounded semiannually. (a) Find
  2. math

    The problem describes a debt to be amortized. A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 12 years. The interest rate on the debt is
  3. math

    The problem describes a debt to be amortized. A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the debt with semiannual payments over the next 12 years. The interest rate on the debt is
  4. accounting

    House mortgage You have just purchased a house and have obtained a 30-year, $200,000 mortgage with an interest rate of 10 percent. Required: a. what is your annual payment? b. Assuming you bought the house on Jan. 1st, what is the
  5. MATH

    Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank
  6. math

    Five years ago, you bought a house for $151,000, with a downpayment of $30,000 which meant you took out a $121,000 loan. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement
  7. Math 104

    Five years ago, you bought a house for $171,000. You had a down payment of $35,000, which meant you took out a loan for $136,000. Your interest rate was $5.6% fixed. You would like to pay more on your loan. You check your bank
  8. math

    Ever wonder how much a house “actually” costs? Consider Alex and Sabrina who purchased a house with a selling price of $249,000.00. They managed to put 15% down and were approved for a 30-year conventional loan at 7% to cover
  9. Algebra: Statistics

    Five years ago, you bought a house for $151,000, with a down payment of $30, 000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank
  10. MATH

    Five years ago, you bought a house for $151,000, with a down payment of $30,000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank

More Similar Questions