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Kojo has gone for a loan of GH 1 0 0 , 0 0 0 to start a new business. The loan is to be

Kojo has gone for a loan of GH

100, 000

to start a new business. The loan is to be paid in equal installments over

10

years at an annual interest rate of

25 % .

What is the amount Kojo must pay the bank each year in order to pay down the loan fully at the end of

10

years?

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