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Note that a full loan with a 30 year repayment period means that all interest needs to be calculated for the full 30 year period. Then the full sun is divided by (30 x 12) months to get the monthly repayment. In real life, the monthly repayment is lower, as interest is recalculated each month, after each monthly payment. Similarly, at any time in real life, Mr Rishi can decide to pay back $100000 (for example), and the monthly repayment needs to be recalculated.

Date Posted:
5 months ago

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