Andre takes out a student loan for his first year of civil engineering. The loan agreement states that the repayment period is equal to 1,5 years for every year of financial assistance granted and that the loan is subject to an interest rate of 10,5% p.a. compounded monthly. If Andre pays a monthly installment of R1 446,91, calculate the loan amount. R___________
Andre takes out a student loan for his first year of civil engineering. The loan agreement states that the repayment period is equal to 1,5 years for every year of financial assistance granted and that the loan is subject to an interest rate of 10,5% p.a. compounded monthly. If Andre pays a monthly installment of R1 446,91, calculate the loan amount. R___________
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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Andre takes out a student loan for his first year of civil engineering. The loan agreement states that the repayment period is equal to 1,5 years for every year of financial assistance granted and that the loan is subject to an interest rate of 10,5% p.a. compounded monthly.
If Andre pays a monthly installment of R1 446,91, calculate the loan amount. R___________
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