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Luke borrows $800,000 from the bank to set up a medical practice. He agrees to pay a fixed interest rate of 12% per annum compounding

Luke borrows $800,000 from the bank to set up a medical practice. He agrees to pay a fixed interest rate of 12% per annum compounding monthly and to repay by equal monthly instalments over 20 years. Calculate the monthly repayment and the remaining loan after making 24 monthly repayments.

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