A six-month loan of 20,000 at a nominal rate of 12% convertible monthly will be repaid...

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A six-month loan of 20,000 at a nominal rate of 12% convertible monthly will be repaid with six monthly payments starting at the end of the first month. The first three payments are X each, and the final three payments are 3X each. Determine the value of X, the amount of principal repaid in the third payment, and the amount of interest paid in the fifth payment. A six-month loan of 20,000 at a nominal rate of 12% convertible monthly will be repaid with six monthly payments starting at the end of the first month. The first three payments are X each, and the final three payments are 3X each. Determine the value of X, the amount of principal repaid in the third payment, and the amount of interest paid in the fifth payment.

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At the end of First Month as the interest rate is 12 and by assuming the EMI paid as M f... View the full answer