this question is on financial mathematics.
A couple purchased a home and signed a mortgage contract for $700; 000 to
be paid with half-yearly payments over a 25-year period. The interest rate
applicable is j2 = 9% p.a. applicable for the first five years, with the condition
that the interest rate will be increased by 3% every 5 years for the remaining
term of the loan.
Based on the given information, your group is required to use Excel software
to:
(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.
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