**Question 1076** fully amortising loan, interest only loan, APR

You just borrowed $**800,000** using a **25** year home loan that's interest-only for the first **2** years, and principal and interest (P&I) for the remaining **23** years.

The interest rate is **7.44**% pa compounding monthly which is not expected to change.

Which of the following statements is **NOT** correct?