March 30, 2017

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with reference to previous question,what is the outstanding principle at the beginning of the second year,rounded to the nearest rand

  • elementary quantitative methos - ,

    beginning of 2nd year ---> end of first year.
    I will assume the 12th payment has been made

    outstanding balance
    = 230000(1.01625)^12 - 3817.23( 1.01625^12 - 1)/.01625
    = ....

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