Leo needs a home loan. According to his income, he could borrow $1405956 in maximum when the interest rate was 8% p.a. compounded monthly. To fully repay the loan in 30 years, Leo will make equ monthly repayments including the principal and the interest starting one month after the borrowing date. The bank increased the interest rate to 11% p.a. compounded monthly today. Calculate the amount in maximum Leo can borrow now. Assume there is no change in the monthly repayments and the loan term. ( answer in excel )

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SOLUTION To calculate the maximum amount Leo can borrow now with an interest rate of 11 pa comp... View the full answer