It appears that we have a loan with repayment based on simple interest.
We begin our loan repayment with a balance of #180,000.
Payments are made every two weeks (a fortnight) in the amount of $932.75, which means 26 payments per year.
The total of annual payments will be $24,251.50
At the end of year one, the balance remaining will be $180,000 - $24,251.50 =$155,748.50
Interest will be calculated on that amount, which will be $14,017.37
The new balance at the end of year 1 will be $169,765.86.
This process will be continued for 10 years, at the end of which time the remaining balance will $285.29
Assuming that amount will be paid at the end of the first month of the year, the interest will be $2.14, making the final payment $287.43.
The total interest paid over the life of the loan will be $87,054.23
