Question
A farmer buys a tractor for $69000. He pays a 20% deposit, and he borrows the remainder of the purchase price, at 6% p.a. compounded
A farmer buys a tractor for $69000. He pays a 20% deposit, and he borrows the remainder of the purchase price, at 6% p.a. compounded monthly for 4 years with the first payment to be made at the end of this month. What is the amount of each of his monthly repayments?
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Introduction to Probability
Authors: Mark Daniel Ward, Ellen Gundlach
1st edition
716771098, 978-1319060893, 1319060897, 978-0716771098
