[填空题]
Ray takes out a loan o4vehj/9 ( 3e wbconsqwlr 12l0furz3 t;5m (psgp z bs8y;7dk:l $200000 to purchase a house. He agrees to pay the bank $1250 at the end of every month to amortise the loan, and interest accumulates on the balance at a rate of 3.79 % per year, compounded monthly.
1.Find the number of years and months it takes to pay back the loan.
Hence it takes years and months
18 years and 8 months to pay back the loan.
2.Calculate the total amount that Ray has paid in amortising the loan.
3.Ray decides to increase the monthly payment to $1500. Justify this decision.