Calculate the monthly payment amount

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a) Joe has just taken out a loan with bank for to help start up his business, His monthly repayments are $550 for the next 5 years. How much money did Joe borrow, If the interest rate on the loan is 4.0% P.A compounded monthly?

b) Jane wishes to have $25,000 in her savings account within 6 years. The interest rate on the account is 3.5% P.A compounded monthly. Calculate the monthly payment amount that jane will need to make in order to achieve her goal of $25,000

Reference no: EM133023109

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