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2. Jonathan bought an outboard motor valued $3600. He paid 5% down and financed the balance plus interest at a nominal rate of 8% over
2. Jonathan bought an outboard motor valued $3600. He paid 5% down and financed the balance plus interest at a nominal rate of 8% over 20 equal payments. What sum of money does he need to pay off the loan after 15 months? Total: 16 marks
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