Lourdes2123 Lourdes2123

27-12-2022
Mathematics

Answered

Neils refrigerator has stopped working and he needs to get a new one. He purchases a new ref for P36,700. He paid a 10% deposit and obtain a loan for the balance. The interest charged on the loan was 7.5% APR compounded annually. He repaid the loan and interest in equal monthly installment for over a period of two years. Calculate the loan he made and the total amount to be repaid.

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