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(4 Marks) A loan of $10,000 is to be repaid by monthly payments of $400, the first payment due in one years' time. If j12=12%
(4 Marks) A loan of $10,000 is to be repaid by monthly payments of $400, the first payment due in one years' time. If j12=12% determine the number of regular ($400) monthly payments needed to repay the loan and the size of the final smaller payment (use Procedure 2)
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