The owner of the Guelph Inc. borrowed $20 000.00 at 1.2% compounded semi-annually and agreed to repay the loan by making payments of $1000.00 at the end of every three months.
a) How many payments will be needed to repay the loan?
b) How much will be owed at the end of five years?
Correct Answer:
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- 1 = 0.0029...View Answer
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