Question: 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

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: $655,000
Current monthly repayment: $3800
Next repayment: Due exactly 1 month from now
Interest rate on loan: 12=i12=5.7%

Using this information, determine the following for question 7

The second file is for a client named Toomes, who also has

Question 7 Not yet saved What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign. Marked out of 1.00 Answer: P Flag question Question 8 Not yet saved The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information: Marked out of 1.00 P Flag question Original loan amount: $58,000 Current loan outstanding: $52635.44 Monthly repayment: $850 Next repayment: Due exactly 1 month from now Interest rate on loan:112 =8.7% For the purposes of the remaining questions, use the rounded values given above. Using this information, determine the following: How much principal has Alexei repaid over the last year? Give your answer to the nearest cent, and do NOT include a dollar sign

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