1. Fiona pays a $30 000 deposit on a property for sale at $130 000 and takes out a mortgage for the balance oer 15 years at a rate of 8.75% pa.
a. What is the monthly instalment for this loan?
b. How much will she repay altogether over 15 years?
c. How much interest will Fiona pay during the 15 years?
2. Mrs Jones recieved her credit card statement for the month of June. The opening balance was paid 12 days after the due dtae. This attracted the following charges: 1.85% of the amount outstanding plus 0.06082% of the outstanding amount each day until the account is paid.
a. How Much interest was Mrs Jones charged immediately for not paying the account by the due date?
b.Calculate the total amount of interest she had to pay for the 12 days the payment was late.
a. What is the monthly instalment for this loan?
b. How much will she repay altogether over 15 years?
c. How much interest will Fiona pay during the 15 years?
2. Mrs Jones recieved her credit card statement for the month of June. The opening balance was paid 12 days after the due dtae. This attracted the following charges: 1.85% of the amount outstanding plus 0.06082% of the outstanding amount each day until the account is paid.
a. How Much interest was Mrs Jones charged immediately for not paying the account by the due date?
b.Calculate the total amount of interest she had to pay for the 12 days the payment was late.