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4) b) Denis takes out a $680,000 home loan today at the interest rate of 3.9% p.a. compounded monthly. He will make equal monthly repayments

4) b)

Denis takes out a $680,000 home loan today at the interest rate of 3.9% p.a. compounded monthly. He will make equal monthly repayments of $4,500 starting in one month. Calculate the loan outstanding balance at the end of the 9th year. (Round your answers to the nearest cent.) (3 marks)

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