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  3. he second file is for a client named toomes, who a

he second file is for a client named Toomes, who also has a mortgage with...

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Accounting

he second file is for a client named Toomes, who also has a mortgage with the bank. The details you can gather for Toomes loan are as follows:

Current loan outstanding: $598,000

Current monthly repayment: $4410

Next repayment: Due exactly 1 month from now

Interest rate on loan: 12=i12=8.2%

Using this information, determine the following:

How much interest is Toomes charged for the coming month? Do NOT include a dollar sign in your answer.

- What will be Toomes loan outstanding after 1 month, immediately after the payment due on that day?

What is the loan outstanding after 1 year? Give your answer to the nearest cent,

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