An investor took out a loan of 300,000 at 6% compounded monthly, to be repaid...
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An investor took out a loan of 300,000 at 6% compounded monthly, to be repaid over 20 years. (a) Find the monthly payment for this loan. (b) Following (a), after 30 payments, the interest rate dropped to 3% compounded monthly. Find the new monthly payment (with the original time paying off the loan). (c) Following (b), after 44 payments in total, the interest rate on the loan increased to 9% compounded monthly. The investor decided to make an additional payment of 8,000 at the time of his 60th payment. With the additional payment, find the new monthly payment (with the original time paying off the loan). (d) Following (b), after 44 payments in total, the interest rate on the loan increased to 9% compounded monthly. Under the refinanced loan, payments of R are to be made semiannually, with the first semiannual payment to be made at the same time that the 45th payment under the old loan was to be made. A total of 20 semiannual payments will completely pay off the loan. Determine R
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