Mortgage Offset Question - how to calculate it?
Hey guys, Can someone walk me through how to calculate this mortgage offset?I have a 356000 loan to pay off, and 35600 in my offset account. Can you please calculate how much I will pay in total?Can you also fully explain the concept and steps involved in calculating the amount? All help is greatly appreciated!Actually.. it's a question for my mathematics assignment, which requires me to analyse the effect of the mortgage offset on a loan. I forgot to say that the loan was for 300 months, at a rate of 7.16% and it's compounded monthly. Sorry for having the question really badly phrased. I was on the verge of screaming because I was so frustrated.
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