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A bank commercial lending department is currently offering businesses loans with 11.2% interest compounded daily. A business borrows $90 million for repayment in three parts,
A bank commercial lending department is currently offering businesses loans with 11.2% interest compounded daily. A business borrows $90 million for repayment in three parts, the first $30million to be paid in 90 days, the next $30 million in one year plus 90 days and the last $30 million in two years plus 90 days. Consider the loan as three separate loans of $30million and calculate the loan payments.
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