Question: I need its solution as soon as possible please. solution must be correct. Question #3. You plan to borrow SR 500,000 to purchase a new

I need its solution as soon as possible please. solution must

I need its solution as soon as possible please. solution must be correct.

Question #3. You plan to borrow SR 500,000 to purchase a new house. The nominal interest rate is fixed at 8% p.a., compounded monthly. You will make a down payment (initial payment) of SR100,000. You monthly payment is SR2,000. How long will it take you to payout your loan? How much is the effective interest rate

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