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How much money would be required to discharge the loan

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Henry Jones intends to purchase a home unit and needs to borrow money from the bank. Details of the loan are as follows:

Term 20 years
Loan Amount $650,000.00
Annual Interest rate 8%

The loan is repaid using Monthly instalments.

At the end of the fifth year, just after paying the 60th instalment due at that time, Henry has a windfall and is considering paying out the loan.

Required:

Question 1: How much money would be required to discharge the loan at the end of the 5th year?

Reference no: EM132622655

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