Asked by muham
suppose you borrow RM 14,000 at a rate of 10.0 % and must repay it in 5 equal installment at the end of each of the next 5 years.How much interest would you have to pay in the first year?
Answers
Answered by
Reiny
The interest in the first year would simply be
.1(14,000) = $1,400
The fact of 5 equal payments for 5 years has nothing to do with this.
Now for the 2nd year's interest, we need to do further calculations
.1(14,000) = $1,400
The fact of 5 equal payments for 5 years has nothing to do with this.
Now for the 2nd year's interest, we need to do further calculations
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