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What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign. If Alexei continues
What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign.
If Alexei continues making monthly repayments of $920, and if the interest rate does not change, how many further FULL repayments does he expect to have to make in order to repay the loan? Do NOT include any final smaller repayment to pay off the remaining balance.
The second file is for a client named Toomes, who also has a mortgage with the bank. The details you can gather for Toomes' loan are as follows: - Current loan outstanding: $838,000 - Current monthly repayment: $5400 - Next repayment: Due exactly 1 month from now - Interest rate on loan: i12=6.6% The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information: - Original loan amount: $36,000 - Current loan outstanding: $28586.35 - Monthly repayment: $920 - Next repayment: Due exactly 1 month from now - Interest rate on loan:i i12=11.1%Step by Step Solution
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