Question: Peter borrowed $ 1 6 0 , 0 0 0 from a bank at a fixed interest rate of 4 . 5 % ( p

Peter borrowed $160,000 from a bank at a fixed interest rate of 4.5%(p.a.) to set up his own business. He will repay the loan by regular monthly instalments over a period of 15 years. If the period of repayment is extended to 20 years and 25 years, calculate the monthly payment amount with different repayment schedule.

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