Asked by Anonymous
Emma gets a loan from her bank
She agrees to borrow £6 000 at a fixed annual simple interest rate of 7%.
She also agrees to pay the loan back over a 10 year period
How much money in total will she have to paid back at the end of the 10 years
She agrees to borrow £6 000 at a fixed annual simple interest rate of 7%.
She also agrees to pay the loan back over a 10 year period
How much money in total will she have to paid back at the end of the 10 years
Answers
Answered by
Anonymous
don't you have a handy sum-of-payments formula?
or at least the formula for equal monthly payments? In this case, there will be 120 payments.
or at least the formula for equal monthly payments? In this case, there will be 120 payments.
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