b) Ameena borrowed a certain sum of money from a financial institution that charged 4.5% compounded monthly. She has to pay RM725 every month for 9 years. Calculate the initial value of the loan.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Do b. 

b)
Ameena borrowed a certain sum of money from a financial institution that charged
4.5% compounded monthly. She has to pay RM725 every month for 9 years. Calculate
the initial value of the loan.
c)
Nadhirah needs to pay RM168.28 every month for a loan of RM7,000 from XYZ Dallk
at 7.2% compounded monthly.
Transcribed Image Text:b) Ameena borrowed a certain sum of money from a financial institution that charged 4.5% compounded monthly. She has to pay RM725 every month for 9 years. Calculate the initial value of the loan. c) Nadhirah needs to pay RM168.28 every month for a loan of RM7,000 from XYZ Dallk at 7.2% compounded monthly.
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