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A loan of $50,000 is taken out today at 9% compounded annually. The loan will be repaid with END of the month payments over 6
A loan of $50,000 is taken out today at 9% compounded annually. The loan will be repaid with END of the month payments over 6 years, BUT the payments are deferred 4 years. Determine:
a) How much is owing in 4 years
b) The size of the payments required over 6 years to pay of the loan.
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