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4) c) Sophia takes out a 16-year home loan today at an interest rate of 2.4% p.a. compounded monthly. She will make equal monthly repayments

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c)

Sophia takes out a 16-year home loan today at an interest rate of 2.4% p.a. compounded monthly. She will make equal monthly repayments of $3,200 starting in one month. Calculate the total principal paid over the first 7 years of the loan. (Round your answers to the nearest cent.) (3 marks

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