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Terry, a recent retailing graduate, plans to buy a house valued at R1,5 million. He has applied for a mortgage loan from his bank and

Terry, a recent retailing graduate, plans to buy a house valued at R1,5 million. He has applied for a mortgage loan from his bank andhas been requested to pay a 20% deposit, with the balance financed at 9% over 20 years. What would his monthly mortgage repaymentbe?

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