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A private bank in Victoria state offers $700,000 home loan with 7% annual interest rate for 22 years, what equal end-of-year payments would be required

A private bank in Victoria state offers $700,000 home loan with 7% annual interest rate for 22 years, what equal end-of-year payments would be required to repay the loan by the end of the 22nd year?

a) $28,480

b) $63,284

c) $48,146

d) $32,146

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