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Question 3b (10 marks) A reverse mortgage is made with a balance of $im on a property now valued at $2m. The loan calls for

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Question 3b (10 marks) A reverse mortgage is made with a balance of $im on a property now valued at $2m. The loan calls for monthly payments to be made to the borrower for 240 months at a fixed interest rate of 5%. i) What is the loan-to-value (LTV) ratio? (2 marks) ii) What is the monthly payment? (5 marks) What is the total amount of interests paid

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