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Please answer (a) and (b) Thank You. (a) A bank has a finance charge of 1.5% per month on the outstanding indebtedness. What is the
Please answer (a) and (b)
Thank You.
(a) A bank has a finance charge of 1.5% per month on the outstanding indebtedness. What is the nominal rate compounded monthly and what is the effective rate? [6 marks ] (b) Find present value of an ordinary annuity of RM460 every month for nine years at the rate of 6% compounded monthly. (7 marks]Step by Step Solution
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Personal Finance Building Your Future
Authors: Robert Walker, Kristy Walker
2nd Edition
0077861728, 9780077861728
