8)

A loan of 425,000 is to be repaid in 20 years by month-end repayments starting in one month. The interest rate is 7.2% p.a. compounded monthly. Calculate the principal paid in Year 6. (between the end of month 60 and the end of month 72). Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67) (Hint: you can use Excel to find the answer.)