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Jane Smith is considering the purchase of a house and will require a bank loan of AUD800,000. The bank has indicated the following terms: 4.8% pa (monthly equivalent rate of 0.4%) fixed interest, 20-year term, monthly repayments, interest and principal such that the loan is fully repaid. - What is the monthly repayment amount? Jane Smith is considering the purchase of a house and will require a bank loan of AUD800,000. The bank has indicated the following terms: 4.8% pa (monthly equivalent rate of 0.4%) fixed interest, 20-year term, monthly repayments, interest and principal such that the loan is fully repaid. - What is the monthly repayment amount?
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To calculate the monthly repayment amount we can use the formula for a fixedrate mort... View the full answer
Related Book For
Managerial Accounting Tools For Business Decision Making
ISBN: 9781119754053
9th Edition
Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell
Posted Date:
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