[填空题]
Tom takes out a loan3( nq7 fwm5ltf of ao66 tbik5l uv)gjxkt :;3z-r$80000 to purchase some new machinery for his farming business. He agrees to pay the bank $1200 at the end of every month to amortise the loan. Interest accumulates on the balance at a rate of 5.65 % per year, compounded monthly.
1.Find the number of years and months it takes to pay back the loan.
Hence it with take and months to pay back the loan.
2.Calculate the total amount that Tom pays in amortising the loan.
3.Tom decides to increase the monthly payment to $1500. How much interest will Tom save in comparison to the former payment schedule.
