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Suppose you apply a 5-year bank loan of $500,000 at 12% APR, repayable in equal instalments at the end of each month. A. How much

Suppose you apply a 5-year bank loan of $500,000 at 12% APR,

repayable in equal instalments at the end of each month.

A. How much do you need to pay each month?

B. What is the loan balance after making 12 monthly payments?

C. How much interest is paid over the first year of the loan?

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