Question

1
(i) P= 5,500, T = 3 years, R = 12% per annum
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Answer 1

Step-by-step explanation:

Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month. If you owe $600 for the year, you make monthly payments of $50. Another way to make the same calculation is to divide the annual interest rate by 12 to calculate the monthly rate.