help with annuities question (1 Viewer)

[lovepink]

ill borrows $420000 to buy a house. Interest is charged at 7.2%per annum,compounded monthly. How much does he owe at the endof the first month,after he has made a $4000 repayment?

how do i work this out?

 

[RedDeadMaddie]

Is the answer $418520?

 

[RedDeadMaddie]

I used a reducing balance loan table to work out the answer

 

[lovepink]

I used a reducing balance loan table to work out the answer View attachment 28860

yeah it is! thankyou good luck to you too!! xx