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octore the end of
compounded monthly. How much money will Joyce have saved after 4
Magda takes out a home loan of R1 000 000. She will repay the home loan by means of
after she took out the loan. The interest rate is calculated at 9,8% p.a. compounded monthly.
equal monthly
payments starting 6 months after the loan
was granted and ending 20 years
(1) Calculate her monthly payment.
(2)
Calculate the outstanding balance on the loan immediately after the 100th payment.
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