Question

Lorraine a 5.5 year loan of $54,000 with Westpac Bank. She plans to repay the loan...

Lorraine a 5.5 year loan of $54,000 with Westpac Bank. She plans to repay the loan in 22 equal quarterly instalments starting today. If the rate of interest is 6.2% p.a. compounding quarterly, how much will each repayment be worth?

Select one:

a. $2,658.97

b. $2,712.58

c. $2,871.08

d. $2,915.58

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Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR.

AS PAYMENT STARTS FROM TODAY, WE TAKE IT AS ANNUITY DUE

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