Richard borrowed $19,000 at 4.50% p.a. from his parents to start a business. In 4 months he
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Question:
Richard borrowed $19,000 at 4.50% p.a. from his parents to start a business. In 4 months he repaid $3,800 towards the loan, and in 7 months he repaid $6,600. How much would he have to repay his parents at the end of 13 months to clear the outstanding balance? Use the declining balance method to calculate the last payment.
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