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How much will george have to repay to the bank at the end

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Problem 1: George wants to take out a bank loan of $400,000 in order to start running his own business. The bank will lend him this money at a ?xed interest rate of 9% per annum. Interest on George's loan will be compounded at the end of each month. How much will George have to repay to the bank at the end of each month after interest has been compounded. in order to clear his debt in 25 years?

Reference no: EM132727153

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