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Johan is repaying a $10000 loan by the sinking-fund method. His total monthly expense is $300. Out of this $300, interest is paid to the
Johan is repaying a $10000 loan by the sinking-fund method. His total monthly expense is $300. Out of this $300, interest is paid to the lender at i(12) = 12 % and a deposit is made to a sinking fund earning i(12) = 9%. Determine the duration of the loan and the final smaller payment!
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