You take out a loan of $ 2 500 000. The term is set at...
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You take out a loan of $ 2 500 000. The term is set at 30 years and the interest rate is 1.98% per annum. The installment is payable according to the annuity principle every month, and the first payment is in one month.
a) What will be the installment amount?
b) What is the residual loan immediately after payment number 60?
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