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I have arranged to borrow $11,000 from my parents toward a holiday. I will repay the loan over 3 years in equal year-end payments. If
I have arranged to borrow $11,000 from my parents toward a holiday. I will repay the loan over 3 years in equal year-end payments. If the interest rate is 14.3% p.a. compounding monthly, my annual repayment is?
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To calculate the annual repayment amount we can use the formula for calculating the equal yearend pa...
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