Calculate the size of each monthly repayment

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Nina has decided to take out a loan of $200,000 today from Citibank.

• Loan term: 10 years

• Equal monthly repayments where the first repayment will be made a month from today and the final repayment will be ten years from today

• The interest charged is 8% p.a., compounded monthly

1) Calculate the size of each monthly repayment and What is the loan outstanding amount after 4 years (i.e. after the 48th payment)?

Reference no: EM133111156

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