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A loan of R1 000 is granted at an interest rate of 16% p.a. compounded quarterly. The loan is to be amortised by means

A loan of R1 000 is granted at an interest rate of 16% p.a. compounded quarterly. The loan is to be amortised by means of ten consecutive, equal quarterly payments starting one year after the granting of the loan. The balance outstanding on the loan (to the nearest cent) immediately after the seventh quarterly payment has been made is equal to R type your answer...

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