Question
Bill has just taken out a loan with his bank to help start up his business. His monthly repayments are $475 for the next 5
Bill has just taken out a loan with his bank to help start up his business. His monthly repayments are $475 for the next 5 years. The interest rate on the loan is 5.25% P.A. compounded monthly.
Answer the following 2 questions for Bill. Enter your answers as a number to 2 decimal places with no dollar sign. Example: 1243.99
In the 3rd question below, show all workings for Bill. If you used your financial calculator, list the key values you entered.
- How much did Bill borrow?
- How much interest did Bill pay in total?
- Show all workings for Bill. If you used your financial calculator, enter the key values you entered.
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Statistics The Exploration & Analysis Of Data
Authors: Roxy Peck, Jay L. Devore
7th Edition
0840058012, 978-0840058010
