Math Problem Statement
Cindy borrowed money from a bank and she is repaying the loan by making monthly payments of R1260 at the beginning of every month, the first payment is on the day that she received the loan. The loan will be paid off after 5 payments and interest is calculated at a rate of 13.357% per year, compounded monthly. How much will Cindy still owe the bank immediately before making payment number 4? (Give your answer rounded to 2 decimal places. If you think the answer is R1012.3456, type in 1012.35)
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Compound Interest
Annuity Due
Formulas
Present Value of Annuity Due
Theorems

Suitable Grade Level
Advanced High School / College
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