What is the monthly repayment

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Question - You borrow $30,000 to be repaid in equal monthly instalments over 10 years. The interest on the loan is 12% p.a. (1% per month)

(a) What is the monthly repayment?

(b) How much would it cost to pay out the loan after 4 years?

(c) How much interest is saved by paying out the loan after only 4 years?

Reference no: EM133056816

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