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5. [Maximum 9 marks] Lara takes out a loan to buy a car for $18 000 over 5 years at 10.5% p.a. interest compounded monthly,

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5. [Maximum 9 marks] Lara takes out a loan to buy a car for $18 000 over 5 years at 10.5% p.a. interest compounded monthly, to be paid monthly. a) Find Lara's monthly repayment. [3] b) Calculate the total interest Lara will pay on the loan. [3] c) Find the outstanding loan balance after years of repayments. [3]

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