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Solve mr monash monthly repayment on the mortgage

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Reference no: EM132751500

Problem 1: Mr Monash intend to purchase a home and have saved up a deposit of $84,000 as down payment. He has just finished meeting with a mortgage broker, who quoted him a fully amortising home loan at 5.57% interest per annum, with monthly repayments over 20 years. The property Mr Monash intends to purchase is priced at $700,000. Calculate Mr Monash's monthly repayment on this mortgage.

Reference no: EM132751500

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