Question 1 (5 marks)
Now that they possess accumulated a shelter of $61,000, Rex and his partaker Rhonda desire to use the shelter and seize out a housing mortgage to forfeiture a abode. The seed costs $666,000. The mortgage is to be rehired in similar monthly instalments balance a signal of 25 years. Rhonda recalls that the cause blame quoted by the bank is an annual professed blame of 6.5%pa. Rex has misplaced the paperis-sue showing the annual potent blame, so you may deficiency to is-sue this out. Cause is assumed monthly. They would relish to know:
a) How considerable is the monthly retribution?
b) How considerable cause gain be hired in the 104th retribution?
c) How considerable would Rex and Rhonda owe the bank straightway anteriorly making the 200th retribution?