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An investor is planning to borrow $800,000 from an Australian bank at an annual rate...

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Finance

An investor is planning to borrow $800,000 from an Australian bank at an annual rate of 3.5%. Assuming the loan term is 10 years, what is the monthly repayment?
Hint: the effective annual interest rate (EAR) is compounded over 12 months i.e. EAR =[(1+( i / n))^n ]-1. Find the monthly rate for your calculation
Round your answer in the nearest dollar (e.g. repayment of $3545.59 is rounded as $3546). Do not include $ sign.

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