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What is the loan outstanding after 1 year

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Reference no: EM132978849

The second file is for a client named Toomes, who also has a mortgage with the bank. The details you can gather for Toomes' loan are as follows:

-Current loan outstanding: $356,000

-Current monthly repayment: $1220

-Next repayment: Due exactly 1 month from now

-Interest rate on loan: ??12=i12=3.5%

Using this information, determine the following:

How much interest is Toomes charged for the coming month? Do NOT include a dollar sign in your answer.

What will be Toomes' loan outstanding after 1 month, immediately after the payment due on that day? Do NOT include a dollar sign in your answer.

What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign.

Reference no: EM132978849

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