UNILAG: A BUSINESS MAN OWNS A BOOKSHOP WORTH #2 MILLION,HE WENT TO BANK TO BORROW A SUM OF #1 MILLION USING HIS SHOP AS A COLLATERAL.HE AGREED TO PAY #10,000 THE FIRST YEAR AND ADDING #5,000 TO THE PREVIOUS AMOUNT FOR OTHER CONSECUTIVE YEARS FOR 20YEARS.CALCULATE THE CHANGE IN INTEREST IF HE LATER DECIDED TO PAY AT THE RATE OF 2% FOR THE 20YEARS?
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Asked by John Frederick on 7th December, 2015
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