Austin borrowed $2 million and planned to repay the loan by making equal month-end payments over a period of 10 years. The interest rate on the loan is 6%, compounded monthly.
(i) Calculate the amount of monthly payment.
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(ii) Of the 60th payment, how much is used to repay the principal and the interest payment for the month?
(iii) Justin plans to pay off the loan immediately after making the 60th payment. What should the size of the lump-sum prepayment be?
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