Peter is considering taking out a consumer loan of DKK 10,000. The monthly payment on the loan is DKK 945.60 and the interest rate is 2% per month. On the right you see an amortization table that describes the repayment of Peter’s loan.
1a) Explain what the numbers in the green and yellow fields (scroll down) mean and how they are calculated.
1b) Why does the installment get bigger every month? Peters decides to pay a monthly allowance half as large (i.e. DKK 472.80 per month).
1c) What will be the term of the loan (number of installments) when the benefit is DKK 472.80 per month and the interest rate is 2% per month?
1d) How expensive will the loan be, i.e. what is the total payment and how much does Peter pay in interest for the loan?
1e) Why isn’t the maturity just doubled?
Pernille plans to take 2 months leave to travel around South America. She expects that the trip will cost approx. DKK 60,000 2a) How much must she save each month if she wants to save DKK 60,000 together over the course of 18 months, and the bank offers a deposit rate of 0.5% per month? Pernille now realizes that she can only afford to pay DKK 2,500 a month to her travel savings.
2b) How much can Pernille manage to save in the 18 months? How much money does she need for the trip?
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