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  3. 3) i take out a 20,000 loan at an interest rate of

3) I take out a 20,000 loan at an interest rate of 3%, compounded annually...

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3) I take out a 20,000 loan at an interest rate of 3%, compounded annually and added in the first instance on the full loan amount (and every anniversary thereafter). Determine the monthly repayment required for me to repay the loan in full in 5 years. (12 marks)

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