Peter has a housing loan with UOB Bank before the COVID19 pandemic broke out. The details of the loan are as follows: Pr

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answerhappygod
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Peter has a housing loan with UOB Bank before the COVID19 pandemic broke out. The details of the loan are as follows: Pr

Post by answerhappygod »

Peter has a housing loan with UOB Bank before the COVID19
pandemic broke out. The details of the loan are as follows:
Principal: Interest rate: Tenure: Repayment:
$1,000,000
4% per annum
25 years
Amortization with monthly repayment.
The lives of many were affected with jobs lost and businesses
declining by the pandemic. Peter was adversely affected, too, and
was unable to service his loan. Many banks, UOB included, showed
compassion by allowing homeowners to defer full loan repayments by
paying interest only for 18 months as a relief. When this was
announced, Peter had just paid the 120th instalment of his housing
loan.
d. Compute the monthly repayment when the loan repayment
resumes if he still plans to
discharge the loan fully at the end of the 25th year?
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