Question
Sophie borrowed $2000 and took 3 years to repay the loan and $900 interest.
a)What was the per annum simple interest rate?
b) If Sophie�s interest was calculated at the same rate on the balance owing, how much would she have owed after 6 months if she repaid $40 per month? Give your answer to the nearest dollar.
I did a) which is 15% but I can't do b. Thanks for any help
a)What was the per annum simple interest rate?
b) If Sophie�s interest was calculated at the same rate on the balance owing, how much would she have owed after 6 months if she repaid $40 per month? Give your answer to the nearest dollar.
I did a) which is 15% but I can't do b. Thanks for any help