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A loan of R10 000 has been secured at an interest rate of 18% p.a. compounded monthly The loan is to be repaid by 24

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A loan of R10 000 has been secured at an interest rate of 18% p.a. compounded monthly The loan is to be repaid by 24 equal monthly installments of R499.24. When the gth payment is made the interest rate increases from 18% p.a. compounded monthly to 21% p.a. compounded monthly. Determine the value of the new equal repayments from T, to T24 all-inclusive. This scenario is shown below

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