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Secondary 1 | Maths
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Bryan Pak
Bryan Pak

Secondary 1 chevron_right Maths chevron_right Singapore

Help with part a please

Date Posted: 1 week ago
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Arnold K H Tan
Arnold K H Tan's answer
873 answers (A Helpful Person)
1st
Note that a full loan with a 30 year repayment period means that all interest needs to be calculated for the full 30 year period. Then the full sun is divided by (30 x 12) months to get the monthly repayment. In real life, the monthly repayment is lower, as interest is recalculated each month, after each monthly payment. Similarly, at any time in real life, Mr Rishi can decide to pay back $100000 (for example), and the monthly repayment needs to be recalculated.
Bryan Pak
Bryan Pak
6 days ago
Thank you for your response!