Asked by Louisa

A loan is repaid at the rate of $200 per week for 15 years. if the interest rate is 6.65% per annum.Calculate the the total amount repaid










Answered by Reiny
i = weekly rate = .0665/52 = .001278846
n = number of payments = 52(15) = 780

Amount repaid = present value of loan
= 200( 1 - 1.001278846^-780)/.001278846
= appr $98,677.00
Answered by Sandra
Why is it present value
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