- 10 Marks
QT – Nov 2018 – L1 – Q3b – Mathematics of Business Finance
Calculate the maximum loan Kasuli can borrow at 15% interest with monthly payments of GH¢1,400 over 20 years.
Question
Kasuli, a Marketing Executive who could not recover any amount out of his investment, decided to take a mortgage at an interest rate of 15% over a 20-year term. If his income is enough to enable him to pay GH¢1,400 per month, what is the maximum amount he can borrow? (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Interest Rate, Loan, Monthly Payments, Mortgage, Present Value
- Level: Level 1
- Topic: Mathematics of Business Finance
- Series: NOV 2018
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