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Sam borrowed money from a bank and he is repaying the loan by making quarterly payments of R1854 at the end of every quarter, each
Sam borrowed money from a bank and he is repaying the loan by making quarterly payments of R1854 at the end of every quarter, each payment includes interest and repayment of the principle. The loan will be paid off in 9 years and interest is calculated at a rate of 8.018% per year, compounded quarterly. What percentage of the loan amount was repaid during the 7th year? (Give your answer rounded to 6 decimal places. If you think the answer is 10.123456%, type in 0.101235)
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