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An individual takes out a loan of 3 0 0 , 0 0 0 euros for 1 0 years at a rate of 3 %
An individual takes out a loan of euros for years at a rate of This loan is contracted on October th it is repayable in constant monthly instalments of principal and interest. The first repayment is due on November th
a What is the amount of the constant monthly repayments? b What is the interest charge on the th payment?
c What is the capital repaid in the th payment?
d The loan shall include a clause for the early repayment, without penalty, of the outstanding principal. The individual wishes to use this clause after the payment on December how much outstanding capital does he have to repay?
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