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Oliver takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount at the eno of each month.
Oliver takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount at the eno of each month. After the interest-only period expires, Oliver needs to repay both the principal and the interest amount every month end. Below is the loan repayment schedule for month 132. Usingthisinformationanswerpartsi)andii)below: i. Calculate the total interest paid in year 10. (Round your answer to the nearest cent.) (2 marks)
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