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Jane wants to buy a house and approaches the bank to borrow 587000. The bank agrees to lend her the money and quotes a monthly repayment amount of...

Jane wants to buy a house and approaches the bank to borrow $587000. The bank agrees to lend her the money and quotes a monthly repayment amount of $5000 with no additional loan fees. If bank's quoted annual interest rate is 5% p.a compounding monthly calculate the number of full month-end repayments using Excel.

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4 comments
  • or 162 months if rounded off.
    • dinamarcanete
    • Apr 03, 2018 at 7:34am
  • Thank you so much!!!
    • yijun98927
    • Apr 03, 2018 at 7:38am
  • you're welcome
    • dinamarcanete
    • Apr 03, 2018 at 7:39am
  • Could you please help me another question. I am really confusing about it. I post the question but no one answers.
    • yijun98927
    • Apr 07, 2018 at 8:26pm

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