Three years ago Lilly borrowed R10000 from Faith on condition that she should pay her back two yearsfrom now. She also owes Faith R6000 payable five years from now. The applicable interest rate for bothtransactions is 13,75% per year, compounded every six months After considering her payback schedule,Lilly asks Faith if she can pay her R9000 now and the rest in four years' time She agrees on condition thatthe new agreement will run from now and that an interest rate of 16,28% per year, compounded monthly.will be applicable from now The amount that Lilly will have to pay Faith four years from now isR13366,24.2) R23 430,38.13]R17 162,98.R15245,21.

Answered: Image /qna-images/answer/e7341a01-1f66-47bd-b74e-192bf01f9998.jpg

Answered: Three years ago Lilly borrowed R10000…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Similar questions

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