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Five years ago you took out a 20 -year $400,000 housing loan with monthly loan repayments of 4.5% p.a. compounding monthly. Your bank recently increased

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Five years ago you took out a 20 -year $400,000 housing loan with monthly loan repayments of 4.5% p.a. compounding monthly. Your bank recently increased your interest rate to 5.5% p.a. compounding monthly. You expect a further interest rate increase of 1% in a year's time, so that the rate will then be 6.5% pa compounding monthly. What will the loan repayment amount be in a year's time (at year 6 ) if interest rates increase as you anticipate? Type your answer into the box. You should show the repayment amount in dollars and cents, but do not type in the $ sign. (For example if your answer is that the loan repayment is $1,234.56 then type 1234.56 into the box. No need to type in a negative sign to show it is a cash outflow.) Remember to type your answer into the box on Canvas for Question 4

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