IB Math AI HL Practice Questions - IB Diploma Mathematics Applications And Interpretation HL Exam

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A loan of $20,000 is repaid in equal monthly amortisation payments over 5 years at 6% APR (nominal, monthly compounding). What is the monthly payment? Use M = P r / (1 - (1+r)^(-n)) with r = 0.06/12, n = 60.

$$386.66 $$333.33 $$400.00 $$1060.66

Correct Answer:

$$386.66

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