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Sarah Li took a student loan of 20,000 from the Student Loan Trust Fund (SLTF)...

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Finance

Sarah Li took a student loan of 20,000 from the Student Loan Trust Fund (SLTF) to finish her last two years of college. The SLTF requires no payments while in college, but interest accumulates at 12% p.a. compounded monthly. Upon graduation, Sarah plans to begin monthly payments that would clear the loan in 6 years.

a. Find the amount of the loan when Sarah finished college.

b. Find the monthly payments that will clear the loan in 6 years.

c. Find the outstanding debt after 2.5 years.

d. Construct amortisation schedule for the first six months.

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