Question 1075397
Justin bought a house for 480 000. He paid a deposit of 150 000 and secured a loan for the outstanding amount. The yearly interest rate on the loan at the stage was 24% compounded monthly, and the term was 20 years. Determine Justin's minimum monthly payment was.
<pre>This is a RIDICULOUSLY high interest rate. Nonetheless, the CORRECT ANSWER is: {{{highlight_green("$6,657.45")}}}