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05-07-2018
Mathematics

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Jim borrowed $12,500 at 6% per annum compound interest . At the end of the first year ,he repaid $5,500.
calculate the interest on the loan for the first year

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mathmate mathmate

14-07-2018

The amount of repayment AT THE END of the first year does not reduce the interest on the loan for the first year.

The interest of 6% per annum compounded monthly

= 12500*[(1+(0.06/12))^12-1]

= 770.97 (to the nearest cent)

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