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Find the total capital repaid and interest paid

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Reference no: EM132764582

A loan of £10.000 is to be repaid by equal monthly instalments in arrears over 10 years. The amount of the monthly payment is calculated on the basis of an interest rate of 1% per month effective.

(a) Find the monthly repayment.

(b) Find the total capital repaid and interest paid in

(i) the first year

(ii) the final year

(c) After which monthly repayment the outstanding loan is first less than £5.000?

(d) For which monthly repayment the capital repaid first exceeds the interest content?

Reference no: EM132764582

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