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What is the amount of the monthly repayment

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Reference no: EM132894579

Question - Geoff and Gail wish to borrow $75,000 to be repaid by equal monthly instalments over 25 years. The nominal annual interest rate is 9.9 per cent per annum.

Required -

a. What is the amount of the monthly repayment?

b. What is the effective annual interest rate?

Reference no: EM132894579

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