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Sandra has just borrowed $40,000 to purchase a new van from ANZ Bank. ANZ Bank is...

Sandra has just borrowed $40,000 to purchase a new van from ANZ Bank. ANZ Bank is charging 11.50% p.a. compounded weekly on automobile loans. How much must Sandra repay each week for a loan over 4 years?

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Expert Solution

Amount to be paid each week is given as=40000*(11.50%/52)/(1-1/(1+11.50%/52)^(52*4))=240.126

jeff jeffy answered 2 years ago
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