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Present Value (PV):
Future Value (FV):
Interest Rate (I%, annual):
Number of Periods (n):
Compounding per Year (C/Y):
Payment (PMT):
Calculate
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\(\pi\)
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Maya wants to buy a motorcycle listed at \(\dollar 8\,000\). Her credit union offers a loan at \(7.2\pourcent\) p.a. compounded monthly.
Determine the total interest she will pay if she chooses to repay the loan over:
2 years.
20 years.
Make a conclusion comparing the two options.
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