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What is the amount of each monthly instalment

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Question - A local carpenter decides to expand his business and purchase a new building, which costs $550 000. The total cost to purchase the property will be financed by $100 000 of the firm's own funds plus a mortgage loan from the CDA Bank. The bank offers a mortgage loan at 3.69 per cent per annum. The loan will be amortised by monthly instalments over the next thirty (30) years, payable at the end of each month. What is the amount of each monthly instalment?

Reference no: EM132761221

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