Question: 1. The second file is for a client named Toomes, who also has a mortgage with the bank. The details you can gather for Toomes

1. 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: $698,000
  • Current monthly repayment: $3450
  • Next repayment: Due exactly 1 month from now
  • Interest rate on loan: i12=i12=4.6%

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.

2. 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.

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

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.

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