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A couple are seeking a loan to renovate their home and need to borrow $130,000. The interest rate charged will be 5% p.a. and require
A couple are seeking a loan to renovate their home and need to borrow $130,000. The interest rate charged will be 5% p.a. and require end-of-month repayments over a 4-year term. The initial fees that form part of the loan arrangement is an establishment fee of $450. What will be the approximate end-of-month loan repayment?
a. $2717.71
b. $2853.59
c. $3004.17
d. $3261.25
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