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The Managing Director of a small manufacturing company is considering buying a piece of machinery which costs GH¢15,000.
Required:
If the machine is to be purchased by taking a five-year loan at 9% per annum, which will be paid off in five equal annual instalments (starting a year after the loan is taken out), calculate the size of each instalment to the nearest whole number. (6 marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The Managing Director of a small manufacturing company is considering buying a piece of machinery which costs GH¢15,000.
Required:
If the machine is to be purchased by taking a five-year loan at 9% per annum, which will be paid off in five equal annual instalments (starting a year after the loan is taken out), calculate the size of each instalment to the nearest whole number. (6 marks)
Find Related Questions by Tags, levels, etc.
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