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Per has a bank loan on his apartment of SEK 1,400,000. He must repay 0.1% of the loan per month. The monthly interest rate is

Per has a bank loan on his apartment of SEK 1,400,000.

He must repay 0.1% of the loan per month.

The monthly interest rate is 0.4%.

a) How much does Per have to pay to the bank in the first month?

b) How many percentage points is the amortization lower than the monthly interest rate?

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