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d ) Isabella is struggling to pay her monthly debts. She approached her bank recently and they recommended that she takes out a revolving credit
d Isabella is struggling to pay her monthly debts. She approached her bank
recently and they recommended that she takes out a revolving credit loan of
$ to consolidate all of her debts. The terms and conditions of this loan
states that the loan must be paid back monthly over years at a nominal rate of
per year, compounded monthly. Determine:
The principal contained in the th payment.
The balance outstanding after the th payment.
The final payment with the adjustment
e An amount of is invested at a fixed rate of per cent per annum. What
amount will be the value of the investment in years time, if the interest is
compounded:
i annually?
ii every months?
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