How large would your payments be
Problem
Suppose you borrowed $41,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years. How large would your payments be?
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Suppose you borrowed $41,000 at a rate of 9.0% and must repay it in 4 equal installments at end of each of the next 4 years. How large would your payments be?
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How much do you need to save monthly to reach $8,000 after 12 months, given the interest rate is 7.2% p.a. compounding monthly?
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