A loan will be repaid by month-end repayments of 9,000 for 10 years. The interest rate is 2.2% p.a. compounded monthly for the first 6 years and 8.4% p.a. compounded monthly thereafter. How much is the loan? Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
17. A 5-year loan is to be repaid by month-end repayments of 8,000 starting in one month at an interest rate of 5.5% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
