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secondary 3 | E Maths
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Please help with this question thanks very much!!
Date Posted: 5 years ago
Views: 276
For this type of question you must do a counting on a year by year basis.
Borrowed is 6000 at 7% per annum interest compounded annually.
Just before first repayment: 6420
Just after first repayment: 6420 - y
Just before second repayment: 107% times (6420 - y)
Just after second repayment: 107% times (6420 - y) - y
Just before third repayment: 107% times the latest value
Just after third repayment: this new latestvalue - y, which equals zero since the payments are all done.
Just before first repayment: 6420
Just after first repayment: 6420 - y
Just before second repayment: 107% times (6420 - y)
Just after second repayment: 107% times (6420 - y) - y
Just before third repayment: 107% times the latest value
Just after third repayment: this new latestvalue - y, which equals zero since the payments are all done.
Will write out the answers at a later time if I can still remember - my brain is dead at this hour.
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Date Posted:
5 years ago
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