Question: How do you do this ? Q1. An individual purchased a home by taking up a loan of $170, 000 for 20 years to be

How do you do this ? Q1. An individual purchased a

How do you do this ?

Q1. An individual purchased a home by taking up a loan of $170, 000 for 20 years to be repaid in monthly instalments at an interest rate of 7.5% compounded monthly. i. What is the monthly instalment? [3 marks] ii. What is the total interest paid? [3 marks] iii. What is the remaining principal after 5 years? [3 marks]

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