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 Form 4 Exam Standard Mathematics Paper 2 Questions and Answers

Khaemba borrowed a loan of sh 500000 from a bank and arranged to repay the loan in five equal yearly instalments of sh 100000 each. The bank charges compound interest at 15% per annum and ledger fees at 3% per annum. In order to repay the amount of the loan on time, Khaemba paid each instalment together with interest and ledger fees at the end of every year for five years. Calculate the total amount khaemba paid back.

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