Math Problem Statement
Cindy borrowed money from a bank and she is repaying the loan by making monthly payments of R1323 at the end of every month. The loan will be paid off in 5 years and interest is calculated at a rate of 9.496% per year, compounded monthly. How much will Cindy still owe the bank immediately after making payment number 42? (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
Compound Interest
Loan Repayment
Formulas
Loan Balance Formula with Monthly Compounding
Theorems

Suitable Grade Level
High School
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