A man bought N150,000. 00 worth of equipment to replace the older ones in his factory and N18,000.00 worth of furniture and computers to furnish his office. He paid N40,000.00 down and agreed to amortize the balance with semi-annual payments for 5 years at 12% compound interest semi-annually. Calculate the:
a) amount of each payment;
b) remaining balance after the third year;
c) total amount of interest paid in the whole period.?
In Mathematics
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Asked by Jay on 19th September, 2021
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