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Re: Help with math
how about s&s in regards to interest rates?
here's the q:
When Jack left school. he borrowed $15 000 to buy his first car. the interest rate on the loan was 18%p.a. and Jack planned to pay back the loan in 60 equal monthly installments of $M.
i) show that immediately after making his first monthly installment, Jack owed $[15000 * 1.015 - M]
ii) show that immediately after making his third monthly installment, Jack owed $[15000 * 1.015 - M(1 + 1.015 + 1.015^2)]
iii) Calculate teh value of M
anyone?
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