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Bruce Jones intends to purchase a home unit and needs to borrow money from the bank.Details of the loan are as follows:Loan Amount $714,000Term (years) 20Annual Interest Rate 6.00%The loan is repaid using Monthly instalments.At the end of the ninth year of the loan, just after paying the 108th instalment due at that time, Bruce has a windfall and is considering paying out the loan.Required:How much money would be required to discharge the loan at the end of the 9th year?(please use excel)

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