You have approached Which Bank for a loan to buy a house. The bank offers you a
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Question:
You have approached Which Bank for a loan to buy a house. The bank offers you a $400 000 loan, repayable in equal monthly instalments at the end of each month for the next 20 years. If the interest rate on the loan is 9% per annum, compounded monthly, your monthly repayment (to the nearest dollar) will be:
A.$1831
B.$3599
C.$2821
D.$4667
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