loan repayments question
Sue and Alex need to borrow $200000 to purchase an apartment. The bank will charge 6%p.a. interest compounded monthly and Sue and Alex agree to pay the bank back in equal monthly instalments over 20 years.
(1) Show that A1=200000*1.005^(1-m) <點解 唔好只比ans.please
(2) Write an expression for A2
(3) By developing a series find the amount of Sue and Alex's monthly instalment.
Interest is only changed on the balance of the account each month.
Yenni borrows $20000. interested is changed at 12%pa compounded monthly. She starts repaying the loan one month after taking it out with monthly instalments of $300
(a) how much does she still owe the bank at the end of 6 years
(1)Volue of 1st instalment at the end of 6years
- 阿一Lv 71 decade agoFavorite Answer
0.12 = 12%
0.12/12 = 年利率轉成每月利率