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Calculate the monthly instalment amount

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Reference no: EM133159245

Question - A family purchases a holiday cottage and borrows $1,000,000 from their bank at 4% payable monthly. The level monthly instalments of principal and interest are required for 15 years.

Required -

a. Calculate the monthly instalment amount.

b. By setting up a loan repayment schedule, find the amount of loan repaid in first three months.

Reference no: EM133159245

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