Hi,
For a single person entering a nursing home, is this the correct calculation for their house, assuming house value increases by say 10K per annum?
Year 1 400K * 7.5 % = 30K
Year 2 (410K - 30K ) * 7.5% = 28.5K
Year 3 (420K - 30K - 28.5K ) * 7.5% = 27.1K
Year 4 NIL
Total contribution = 85.6K
Thanks
For a single person entering a nursing home, is this the correct calculation for their house, assuming house value increases by say 10K per annum?
Year 1 400K * 7.5 % = 30K
Year 2 (410K - 30K ) * 7.5% = 28.5K
Year 3 (420K - 30K - 28.5K ) * 7.5% = 27.1K
Year 4 NIL
Total contribution = 85.6K
Thanks