What will be her monthly repayment amount

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Dolly is planning to move to the Sunshine Coast and has just purchased a new beach front property in Noosa for $3,000,000. ANZ Bank has offered Dolly a 25 years term loan with monthly repayments at a nominal rate of 4% per annum. Dolly must deposit 20% of property value to access this loan. If Dolly puts up 20% deposit and borrows the rest from ANZ Bank, what will be her monthly repayment amount?

Reference no: EM133306297

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