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T o pay off a loan of R7 000 due now and a loan of R2 000 due in 14 m...
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T o pay off a loan of R7 000 due now and a loan of R2 000 due in 14 months’ time, Perry agrees to make three payments in two, five- and ten-months’ time, respectively. The second payment is to be double the first and the third payment is to be triple the first. What is the size of the payment at month five if interest is calculated at 16% per year, compounded monthly?
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