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round your answers to 2 decimal places. Do not put $ in your answer. Ignore commas in expressions like 10,000 etc Phuc took out a

round your answers to 2 decimal places. Do not put $ in your answer. Ignore commas in expressions like 10,000 etc

Phuc took out a 30-year $900,000 home loan five years ago at an interest rate of 4.5% per annum, compounded monthly. The loan requires Phuc to make regular end-of-month repayments where the first repayment started a month after the loan was granted.

a) Calculate the monthly repayment. [3 marks]

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b) What is the outstanding balance of the loan today? [3 marks]

Answer

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