Problem based on repayment
Problem:
John borrows 10,000 Euros at an APR of 6%. He wants to repay it in five equal instalments over five years, with the first repayment one year after he takes out the loan. How much should each repayment be?
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He wants to repay it in five equal instalments over five years, with the first repayment one year after he takes out the loan.How much should each repayment be?
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