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Janei needs to borrow $ 6 5 0 0 to pay for school. She has two options: Borrow the money from the bank at an
Janei needs to borrow $ to pay for school. She has two options:
Borrow the money from the bank at an interest rate of compounded monthly, with monthly payments of $
Borrow the money from her parents at an interest rate of compounded monthly, with monthly payments of $
a How long would it take to pay off both loans? marks
tablePVPMTFVRATEPERIODPAYMENTFREQUENCYCOMPOUNDING
Parents
tablePVPMTFVRATEPERIODPAYMENTFREQUENCYCOMPOUNDING
b What is the total amount Janei would pay on both loans? marks
Bank:
Parents:
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