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What is the definition of a monthly repayment in mathematical terms?

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A bank loan of $500 is arranged to be repaid in two years by equal monthly instalments. Interest, calculated monthly, is charged

Top answer: let the payment be p then i = .11/12 = .009166.. 500 = p(1 - 1.0091666..^-24)/.0091666.. You do the Read more.
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Mr john spends 1/4 of his monthly salary on the repayment of a housing loan.of the remainder he spends 1/5 on food and the pub

Top answer: Monthly Salary = $X. Spends1/4 * $X = X/4. Bal. = X-X/4 = 3x/4. Spends1/5 * 3x/4 = 3x/20 Read more.
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