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You take a R3.5 million loan from a bank to purchase a new house. The stated rate quoted by your bank is 3.5% compounded monthly.
You take a R3.5 million loan from a bank to purchase a new house. The stated rate quoted by your bank is 3.5% compounded monthly. How long would it take you to pay off the loan if the company plans on a R16,000 monthly installment schedule?
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