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a)A mortgage loan of $52,000 has a term of 6 years. It is to be repaid by monthly instalments at a rate of 5.4% per

a)A mortgage loan of $52,000 has a term of 6 years. It is to be repaid by monthly instalments at a rate of 5.4% per annum.

Find the:

i)The repayment value

ii) What will the term of the loan be if the repayment amount is changed to $693.62?

iii)Calculate the total interest paid for repayments of $693.62

iv) By how much does the interest figure in (III) differ from that paid for the original offer in (I)?

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