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Suppose that a loan has an interest rate of 12% compounded monthly and a term of 5 months. (a) Given that the principal is Kshs

Suppose that a loan has an interest rate of 12% compounded monthly and a term of 5 months.

(a) Given that the principal is Kshs 56300, calculate the monthly payment.

(b) Given that the monthly payment is KShs 11600, calculate the principal.

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