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A 6 year loan at a nominal annual interest rate of r % compounded monthly. Terms of the loan require a 1 0 % deposit

6

year loan at a nominal annual interest rate of

r %

compounded monthly. Terms of the loan require a

10 %

deposit and monthly repayments of

250 .

.

)

Find the amount to be borrowed for this option.

[2]

)

Find the annual interest rate,

r .

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