How much will each payment be worth, Finance Basics

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How much will each payment be worth

Problem

The Woodfire and grill has taken out a 7-year loan of $23550 with ANZ during pandemic period. It plans to repay the loan in 7 equal instalments starting today. Woodfire plans to pay off the loan on time. If the rate of interest is 8.4 percent, how much will each payment be worth?

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Finance Basics: How much will each payment be worth

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