December 1, 2015

Homework Help: math

Posted by jen on Sunday, February 13, 2011 at 8:23pm.

A man borrows $50,000 towards the cost of a house. Compound interest is charge on the loan at 125 per annum. He agrees to pay back the loan in 25 equal installments, at yearly intervals, the first repayment being made exactly 1 year after the loan is taken out. Calculate the value of each installment

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