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Mia takes out a 30-year home loan at the interest rate of 3.6% p.a. compounded monthly. The interest-only period of this home loan is 10
Mia takes out a 30-year home loan at the interest rate of 3.6% p.a. compounded monthly. The interest-only period of this home loan is 10 years. After the interest-only period expires, to repay the loan on time, she will repay the same amount of $4,973.45 including the principal and the interest each month end. Calculate the principal repaid in the 11th year of the whole loan term using the prospective method. (Round your answer to the nearest cent)
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