Answer to Question #343755 in Financial Math for seth

Question

A loan is granted at 21,6 % p.a. compounded daily. It is repaid by means of regular, equal payments of R1500 made every four months, where the first payment is made one year after the loan is granted. If the last payment is made exactly five years after the loan is granted, then the value of the loan, to the nearest cent, is R

Answer 1

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