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The Mathematics of Borrowing Money
Published online by Cambridge University Press: 01 August 2016
Extract
Many people have had the experience of borrowing a sum of money which is to be repaid with interest by making equal monthly payments over a year or a number of years. Two problems suggest themselves:
1. If the annual rate of interest is known what is the value of each monthly payment?
2. If the monthly payment is known, what is the annual rate of interest?
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- Copyright © Mathematical Association 1986
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