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18-01-2023
Mathematics

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4. Adem has purchased a condominium for Birr 2,220,000. He agreed with Adama housing agency to pay a down payment and amortization. Accordingly, he has a sinking fund of Birr 6000 that was made at the end of each quarter for six years in an account that pays 14% compounded quarterly before the purchase of the house. This amount is used as a down payment. The remaining balance has to be amortized over 10 years by semi-annual equal installments. If the interest charged on the loan is 12% compounded monthly:
a) What is the amount of the down payment?
b) What is the amortized total amount?
c) What is the amount of periodic installment?
d) Calculate the interest on the deposit and on repayment of the loan.

Answer :

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