Question: Please show your working and formula (If possible) -------------------------- Suppose you take out an $840,000, 20-year mortgage loan to buy a residential apartment. The interest
Please show your working and formula (If possible)
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Suppose you take out an $840,000, 20-year mortgage loan to buy a residential apartment. The interest rate on the mortgage is 4.65% per annum, and payments are required to be made annually at the end of each year.
Question:
Construct a mortgage amortisation table showing loan balance at the beginning of each period, annual repayment amount, interest payment, the amortisation of the loan and the loan balance for each year.
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