A man buys furniture amounting to R25000 on hire purchase at a flat rate of 7% pa. S. I. He makes a 15% down payment immediately and then repays the loan by means of regular equal instalments at the end of each month for the next nine months. The equivalent, effective annual rate of compound interest on the loan is equal to:

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anonymous · Answer

You should put this question in the Math or Algebra categories. Then maybe someone could help you out.

anonymous · Answer

Please post only relevant question in that group. I am closing this now. -Thanks.