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MathsGee Android Q&A

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Brenda takes out a twenty year loan of R400 000 . She repays the loan by means of equal monthly payments starting one month after the granting of the loan. The interest rate is \(18 \%\) per annum compounded monthly.

(a) Calculate the monthly repayments.

(b) Calculate the amount owed after the \(3^{\text {rd }}\) payment was made.

(c) Due to financial difficulty, Brenda misses the \(4^{\text {th }}, 5^{\text {th }}\) and \(6^{\text {th }}\) payments. Calculate her increased monthly payment which comes into effect from the \(7^{\text {th }}\) payment onwards.
in Mathematics by Diamond (75,025 points) | 8 views

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MathsGee Android Q&A

MathsGee Android Q&A