Today is 1 July 2021. You are looking to purchase an investment property today (after months of research and negotiations). You have spoken to Peter, the loan specialist at Harrison Bank, to negotiate the terms of your mortgage. You and Peter have agreed to the following terms:

• You will borrow $720,000 today in order to purchase your chosen property.
• This mortgage will be repaid by level monthly repayments.
• Your first repayment to the bank will occur exactly 1 month from today, on 1 August 2021, and the final repayment will occur exactly 22 years from today, on 1 July 2043.
• Peter has arranged for an interest rate of 3.3% p.a. effective to be locked in for the life of this loan.

Using the information provided, answer the following questions. It is highly recommended you draw a diagram to represent the given information.

Answer the question below

The last payment for the loan occurs on 1 July 2043. For the next question, we will refer to 2043 as the "final year". Type in the "final year" below (i.e. if the last payment occurs in 2031, type in 2031), Calculate the size of the level monthly repayment needed in order to fully repay the loan by 1 July 2043. Give your answer to the nearest cent, and do NOT include a dollar sign and Determine the value of 12L12.