If I were to calculate this question, " A couple purchased a home and signed a mortgage contract for $400; 000 to be paid with half-yearly payments over a 25-year period. The interest rate applicable is j2 = 7:5% p.a. applicable for the first five years, with the condition that the interest rate will be increased by 9% every 5 years for the remaining
term of the loan.
(a) Calculate the half-yearly payment required for each five-year interval
(b) Calculate the loan outstanding (outstanding balance) at the beginning
of each five year interval.
(c) Prepare a loan amortization table for the final 12 half-years of the
loan term.
Q.1: what is the general formula should be used?
Q.2: What is the value of its terms in the formula?
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