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James lends Henry 500,000. He must repay the loan with 192 end of month payments with the nominal rate of interest being 4.8% convertible monthly.
James lends Henry 500,000. He must repay the loan with 192 end of month payments with the nominal rate of interest being 4.8% convertible monthly. The first years payments are X, and each successive years payments are 10% greater than the year before. The origination date of the loan is January 1 2014. (a) Find the total interest paid. (b) Find the total interest paid for the month of January. (c) Find the proportion of interest paid for the month of January.
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