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What is the interest component of the 25th repayment

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You are considering the purchase of a home for 700000$. You have available a deposit of 100000$. The bank will lend you money at 7 percent per annum compounded monthly over a period of up to 20 years. If you borrow the required fund over 20 years, what are the monthly repayments? After 2 years, how much do you still owe the bank? What is the interest component of the 25th repayment?

Reference no: EM132544253

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