## Question

###### Luke borrows $800 000 from a bank to set up a medical practice. He agrees to...

Luke borrows $800 000 from a bank to set up a medical practice. He agrees to pay a fixed interest rate of 10.2 per cent per annum (calculated monthly) and to repay by equal monthly instalments over 10 years.

- Calculate the monthly repayment.
- By how much does Luke’s
*first*repayment reduce the principal? - If the loan is paid off as planned, by how much will the
*last*repayment reduce the principal?

## Answers

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