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Chris has two loans which both require payments to be made at the end of every week. With Loan 1 he borrowed $49789 and is repaying interest only. He...

Chris has two loans which both require payments to be made at the end of every week. With Loan 1 he borrowed $49789 and is repaying interest only. He will repay the principal after 6 years. With Loan 2 he borrowed $25677 and is repaying principal and interest each week over a period of 4 years. It is now 3 years since both loans were taken out and the interest rate continues to be 8.65% p.a.compounded weekly. What is the total amount Chris must pay this week?

(Assume 52 weeks per year. Give your answer to the nearest cent, omitting the dollar sign.)

Top Answer

For loan 1 in order to get the immediate interest after 3yrs we have to first find the balance on loan after the 3yrs. For... View the full answer

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