JuniorHelper JuniorHelper

20-02-2024
Mathematics

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Samuel borrows R400 000 from a bank and repays the loan by means of monthly payments of R17 000, starting two months after the granting of the loan. Interest is fixed at 10% per annum compounded monthly. How many payments of R17 000 will be made, what will the final payment be, and how long is the loan period?

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