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(a) To purchase a house Rs.180,000 is required for a mortgage. It will be repaid with equal monthly payments over 25 years at 8% interest rate...
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Question

(a) To purchase a house Rs.180,000 is required for a mortgage. It

will be repaid with equal monthly payments over 25 years at 8% interest rate compounded monthly. Determine (a) Monthly Payment (b) Total interest rate paid over the 25 years

(b) Electrical department take a loan of Rs. 10,000K at 4.8% /a compounded monthly. The department decides to make monthly payment of Rs.250K. How long it will take them to pay off the loan?

(c) Pakistan Cables took out a loan of Rs. 450,000 from the bank. They paying it back over 35 years with payments monthly with interest rate of 13.5% p.a compounded monthly. Determine the balance on their loan now if they have made payments for 31 years

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