Assuming Mr and Mrs Monash's income changes by the current rate of annual inflation, will they be
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Question:
Assuming Mr and Mrs Monash's income changes by the current rate of annual inflation, will they be able to afford the periodic loan repayment needed for the loan?
If not, by what nominal annual percentage will they have to grow their disposable income available to service
the loan in the future when they buy their house?
Interest rate for the loan 3.60% pa.
They pay monthly 6395.87
They want to buy a house in 4 years
The inflation rate is 6.1%
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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