Extra Problems 4 a

# Extra Problems 4 a - ACTSC 231 Extra Problem Set 4 a 1. A...

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ACTSC 231 Extra Problem Set 4 a 1. A loan is repaid by 24 monthly payments of \$500. If the interest rate is calculate: (a) The amount of interest and principal in the 8th payment. (b) The amount of interest and principal in the 15th payment. 2. A \$100,000 loan made on January 1, 2000 is to be repaid over 20 year with payments at the end of each month. (a) If i (2) = 5% (b) Starting with the &rst payment, the borrower decides to pay an ad- ditional \$200 per month, on top of the regular payment of X, until the loan is repaid. An additional fractional payment might be neces- sary one month after the last regular payment of X+200. On what amount of the additional fractional payment? 3. Colin buys a house which costs \$240,000. He puts down 25% and mort- gages the rest over 25 years at i (2) = 4 : 65% : (a) Calculate Colin±s month payment

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## This note was uploaded on 02/07/2010 for the course ACTSC 231 taught by Professor Chisholm during the Spring '09 term at Waterloo.

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Extra Problems 4 a - ACTSC 231 Extra Problem Set 4 a 1. A...

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