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A loan of $ 1 9 , 0 0 0 borrowed today is to be repaid in two equal installments due in four and seven

A loan of $

19, 000

borrowed today is to be repaid in two equal installments due in four and seven years, respectively. What is the size of the equal installments if money is worth

8.4 %

compounded monthly?

(3

marks

)

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