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Please show all your steps and working in detail: (Answers to 2 decimal places) All interest rates are compounded semi-annually unless it specifically says otherwise!
Please show all your steps and working in detail: (Answers to 2 decimal places) All interest rates are compounded semi-annually unless it specifically says otherwise!
Habib Bank makes a loan of $250000 for a term of 6 years at an interest rate of 9.850000000000001% compounded 1 times per year. The loan will be repaid with level payments at the end of each month a) What are the level payments? b) If Habib Bank does not re-invest the loan payments, how much money will they have at the end of 6 years? c) If Habib Bank re-invests the loan payments each month in an account earning 2.15% (compounded 1 times per year), how much money will they haveStep by Step Solution
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