You have just bought an apartment for 62 million, using a deposit amounting to 8...
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You have just bought an apartment for 62 million, using a deposit amounting to 8 million, and you borrowed the rest. The loan interest rate is 3.2% p.a compounded monthly and you have taken the loan with a twenty year life.
Calculate the monthly repayments needed to fully repay the loan within twenty years (assuming repayments occur at the end of the month).
After 30 months the interest rate increases to 4.2% p.a. what is the new monthly payment needed now to ensure the loan is still paid of within the twenty years?
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