Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 8P
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Question
Edwill just purchased a new home costing R1107900,00 by paying R120000,00 cash on the purchase date, and agreeing to make payments at the end of the following eight years for the remainder owed; the first payment is due one year after the purchase date. The interest rate is 7,4 % per annum,compounded yearly. Considering the amortisation schedule, the percentage rounded to two decimal places, of the total payments made the first two years that will go forward repayment of interest, is
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