Asked by Math
A bank loan of $500 is arranged to be repaid in two years by equal monthly instalments. Interest, calculated monthly, is charged at 11% p.a on the remaining debt. Calculate the monthly repayment if the first repayment is to be made one month after the loan is granted.
Answers
Answered by
Reiny
let the payment be p
then i = .11/12 = .009166..
500 = p(1 - 1.0091666..^-24)/.0091666..
You do the button-pushing
then i = .11/12 = .009166..
500 = p(1 - 1.0091666..^-24)/.0091666..
You do the button-pushing
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.