Question

Maya bought a car for $15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?

Answer 1

I = PRT

I = 15,000 * 0.09 * 5

I = 6750

(15,000 + 6750) / 60 = _______ monthly payment

Answer 2

Greg bought a unit for $100000 at 10% per annum. Reductable interest and payments are $540 per fortnight.
Show progress of first 6 weeks.

Greg also borrowed $2000 and intrest rate is 10%. he made a quarterly payment of $500 Draw up a table until all is paid. How much will his last payment be.