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

[answerhappygod]

Peter Has A Housing Loan With Uob Bank Before The Covid19 Pandemic Broke Out The Details Of The Loan Are As Follows Pr 1 (43.4 KiB) Viewed 20 times

question:
a. Compute the monthly repayment before the pandemic broke
out?
b. Upon repayment resumption, what if Peter wishes to
maintain the same repayment in part (a) and still discharging the
loan at the end of 25th year, compute how much the
final balloon payment should be at that time?
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.