Question: Hi expert, could you please help me & check on this question. I got $3,433.63 for PMT on this one, and I think this is
Hi expert, could you please help me & check on this question. I got $3,433.63 for PMT on this one, and I think this is incorrect.
Jason decided to find out from another bank (BSB Bank) under what conditions they were willing to lend the money to him. If he borrowed $30,000, they would charge an interest rate of 4% p.a. compounded semi-annually. The loan and interest will have to be repaid to the bank over the 5 years with equal payments needing to be made at the beginning of each period. If Jason borrows the money from this bank, what will be the semi-annual payments that he will make? What is the total cash repayment for the loan over the period? How much interest would he have paid on the loan?
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