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David purchased a property for $ 2 million and arranged a mortgage with DBS Bank to borrow 8 0 % of the property value. The
David purchased a property for $ million and arranged a mortgage with DBS Bank to borrow of the property value. The current mortgage rate is pa David intended to repay his mortgage over years. The mortgage repayment is made at the beginning of every month. Required:
a Compute the principal and interest repayments separately, which David has paid in total for first
months.
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