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.
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
1 answer
1 answer