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213.A family purchases a holiday cottage and borrows $400,000 from their bank at 6% payable monthly. The level monthly instalments of principal and interest are

213.A family purchases a holiday cottage and borrows $400,000 from their bank at 6% payable monthly. The level monthly instalments of principal and interest are required for 20 years. Required:

a. Calculate the monthly instalment amount.

b. By setting up a loan repayment schedule, find the amount of loan repaid in first three months.

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