Thread: Help with math
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Unread 12-07-2005, 04:41
first degree first degree is offline
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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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