Stewart takes out a reducing balance loan of $240 000, with interest calculated monthly.
Stewart makes regular monthly repayments.
Three lines of the amortisation table are shown below.
Part 1
The principal reduction associated with Payment number 2 is closest to
- $1773.93
- $1781.05
- $1788.17
- $2741.05
Part 2
The number of years that it will take Stewart to repay the loan in full is closest to
- 9
- 10
- 11
- 12