Zodwa needs R450 550,00 to buy a house. The bank approved her loan for the full amount at an interest rate of 25% per year, compounded quarterly. The loan must be paid off in ten years’ time....

Zodwa needs R450 550,00 to buy a house. The bank approved her loan for the full amount at an interest rate of 25% per year, compounded quarterly. The loan must be paid off in ten years’ time.

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  Determine the size of Zodwa’s quarterly payment
  


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   What will the outstanding balance on Zodwa’s loan be at the end of seven years if the interest rate remains unchanged?