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A loan of $400,000 is to be paid over 15 years by equal month-end instalments where the interest rate is 12% per annum compounded monthly.

A loan of $400,000 is to be paid over 15 years by equal month-end instalments where the interest rate is 12% per annum compounded monthly. What is the amount of the monthly instalment?

Select one:

a. $4,800.67

b. $4,578.22

c. $4,955.42

d. $4,785.63

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