A loan of R8150 is being repaid by a series of level annual instalments of R1995....

 

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A loan of R8150 is being repaid by a series of level annual instalments of R1995. plus an additional payment of R198.32 at the end of t final reduced payment that would otherwise have been needed. months which replaces the The first instalment of R1995 is paid at the end of the 2nd year. If interest is at the rate of 18% per annum compounded monthly, find the value of t as well as the number of level instalments. A loan of R8150 is being repaid by a series of level annual instalments of R1995. plus an additional payment of R198.32 at the end of t final reduced payment that would otherwise have been needed. months which replaces the The first instalment of R1995 is paid at the end of the 2nd year. If interest is at the rate of 18% per annum compounded monthly, find the value of t as well as the number of level instalments.

Answer rating: 100% (QA)

To find the value of t and the number of level instalments we need to analyze the loan repayment process Given data Loan amount P R8150 Annual install... View the full answer