Mr Benard is Struggling to Repay his Loan of $ 400,000

Answer for Mr Benard is Struggling to Repay his Loan of $ 400,000 for $5 Only


Mr Benard is struggling to repay his loan of $ 400,000 with payments of $ 7,200 made monthly in arrears for 6 years.

(a) Calculate the FLAT RATE OF INTEREST per annum

(b) Hence, or otherwise, calculate the APR of Mr Benard’s loan

After exactly one , loan company offers to ” help” Mr Benard by restructuring his loan with new monthly payments of $ 4,000 made in arrears

(c) Assuming the company charges the same APR as Mr Benard’s original loan. Calculate the term of the new loan

(d) Calculate how much more interest in total Mr Benard will pay on his restructured loan than on his original loan

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