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[i] (KRW mil.) The principal of your 25-year mortgage loan is W 600,000,000. The mortgage rate is 6% p.a. (in APR term). The mortgage payment
[i] (KRW mil.) The principal of your 25-year mortgage loan is W 600,000,000. The mortgage rate is 6% p.a. (in APR term). The mortgage payment schedule is monthly. [i] Find out your monthly mortgage payment for the next 25 years. [ii] What is the Effective Annual Rate of your 25-year mortgage loan with monthly compounding? [iii] After 15 years, you will replace this loan with a new loan from other bank. How much will be the remaining principal by that time (i.e. after 15 years from today)? 2 [] (% p.a.) [iii] (KRW mil.) [Show a brief & clear summary of your work here.]
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