Question: Marked out of 3.00 A friend of yours, Maureen, is seeking to obtain a Shs 3 million mortgage loan, repayable monthly in arrears. She has

Marked out of 3.00 A friend of yours, Maureen, is seeking to obtain a Shs 3 million mortgage loan, repayable monthly in arrears. She has approached a lender who has provided her with two alternatives. Alternative one: Declining balance loan Duration: Rate: Monthly repayment: 10 years 18% p.a Shs 54,055.56 Alternative two: Flat rate loan Duration: Rate: 10 years 9.5% p.a What is the total interest payable in alternative one and the monthly repayment in alternative two respectively?

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