FMIOI: Group assignment Version 5*
June 3, 2021
Question [30 marks] [weight
A couple purchased a home and signed a mortgage contract for $900,000 to be paid with half-yearly payments a 25-year perio& The interest rate applicable is j2 5.5% p a applicable for the first fi',e years, with the condition that the interest rate will be increased by 12% every 5 years for the remaining term of the loan
Based on the given information, your group is requires:l to use Enel software
(a) Calculate the half-yearly payment refluired for each five-year interval
110 marks]
(b) Calculate the loan outstanding (outstanding balance) at the beginning of each five year interval 110 marks]
(c) Prepare a loan amortization table for the final 12 half-years of the loan ternu 110 marks]
Important Note:
I Present your solution in an Excel file, and cell reference your calculalation
2 Once completed, only one member is requires:l to upload the solution using the allocated assignment submission box 3 Assignment is due on 12 June, 2021