Question 1 Not yet saved Marked out of 1.00 Zax started a small business selling...
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Question 1 Not yet saved Marked out of 1.00 Zax started a small business selling computers and accessories last year. He took out a loan at the time, and currently owes the bank $240,000. Below is some additional information regarding Zax's loan: Zax has been making level monthly repayments on his loan, and will continue to do so. The next payment is due exactly one month from today. The bank is charging Zax interest on this loan at 9.5% p.a. effective. Flag question (a) Determine the equivalent effective monthly rate Zax is being charged on his loan. Give your answer as a percentage to 4 decimal places. (1 mark) Answer: Question 2 Not yet saved (b) Using your answer from part a), calculate the level monthly repayment Zax will need to make in order to repay the loan fully after exactly 20 years. Give your answer to the nearest cent. (1 mark) Marked out of 1.00 Flag
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