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Compute the amount of loan repaid in first three months

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A family purchases a holiday cottage and borrows $400,000 from their bank at 6% payable monthly. The level monthly instalments of principal and interest are required for 20 years.

Required:

Problem 1: Calculate the monthly instalment amount.

Problem 2: By setting up a loan repayment schedule, find the amount of loan repaid in first three months.

Reference no: EM132960001

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