How long would it take to repay the loan

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Reference no: EM131761036

Peter takes out a loan of $510 000 to be able to buy a house. He pays back the loan over a period of 20 years, starting one month after he bought the house. Interest is charged at 14%p.a., compounded monthly. (a) Determine his monthly payments (correct to the nearest cent). (b) How long would it take to repay the loan if he were to pay $10 000 each month?

Reference no: EM131761036

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