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1 . Revisit Question 1 . If the interest rate is 1 0 % per year and it is compounded monthly? i . What is

1 .

Revisit Question

1 .

If the interest rate is

10 %

per year and it is compounded monthly?

.

What is the effective interest rate?

(3

marks

)

.

Prepare a loan repayment schedule to show how long it will take to finish paying the loan.

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