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A business borrows 500 000 euros from a bank at the

Question: A business borrows 500 000 euros from a bank at the beginning of one year, and is supposed to pay it off in 10 equal instalments at the end of each year, with interest at 7% compounding annually.

(a) Find the annual payment. What is the total amount paid to the bank?

(b) What is the total amount if the business has to pay twice a year?

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