Question: You have a mortgage loan of $800,000 to be repaid over 25 years. What is the monthly instalment if interest rate is 4.5%? What is

You have a mortgage loan of $800,000 to be repaid over 25 years. What is the monthly instalment if interest rate is 4.5%? What is the interest paid in the second month? Assume an ordinary annuity and monthly compounding.

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