(All Steps) Calculate the term of a loan of $2870 that has maturity value of $3837.30, where the interest rate is 10% compounded monthly.
Question: Calculate the term of a loan of $2870 that has maturity value of $3837.30, where the interest rate is 10% compounded monthly. (4marks)
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![[See Steps] John had a note that](/images/solutions/MC-solution-library-32756.jpg "[See Steps] John had a note that would pay him $1000 plus 10%")
[See Steps] John had a note that would pay him $1000 plus 10%
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