Find how long home loan lasts in months and final payment


Caitlin Scott takes out the home loan for $689 000 with VXS Credit Society at 6.20% per annum with monthly interest. She makes decision to pay loan off as fast as she can by creating payments of $5 229 at end of every month. i) How long home loan lasts, in months? ii) In practice she makes final payment at the end of final month. How much is final payment?

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Mathematics: Find how long home loan lasts in months and final payment
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