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Calculate the monthly repayments to the nearest dollar

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Question - Luke borrows $800,000 from a bank to set up a medical practice. The interest rate is 6% per annum, calculated monthly and the loan is to be repaid in equal monthly repayments over ten years. Calculate the monthly repayments to the nearest dollar?

a. 16,471

b. 17,333

c. 15,916

d. 15,466

Reference no: EM133186243

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