Determine the initial payment to repay the loan

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Problem

You are to repay a loan of R245,000 over 240 months. The interest rate is 24% per annum compounded monthly. Get the instant assignment help. If the payments are to increase by R5 per month from the end of month 13, determine the initial payment to repay the loan in 240 months.

Reference no: EM133925695

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Determine the initial payment to repay the loan : If the payments are to increase by R5 per month from the end of month 13, determine the initial payment to repay the loan in 240 months.

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