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International Baccalaureatte | Maths SL
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It's a simple interest question, repayments specifically. I I know the formula but I can't seem to find the answer for this specific question. Help pls!!
Date Posted: 4 years ago
Views: 412
Total interest to be paid as % of principal amount, for 30 months
= 10.6% x 30/12
= 26.5%
Total amount to be paid over the 30 months
= $4000 x 126.5%
= $4000 x 126.5/100
= $5060
Number of repayments = 30 months ÷ 3 months per quarter for each payment
= 10
Interest per quarter
= $5060 ÷ 10
= $506
= 10.6% x 30/12
= 26.5%
Total amount to be paid over the 30 months
= $4000 x 126.5%
= $4000 x 126.5/100
= $5060
Number of repayments = 30 months ÷ 3 months per quarter for each payment
= 10
Interest per quarter
= $5060 ÷ 10
= $506
Or,
Since its 10.6% per annum,
The interest per quarter is 10.6% ÷ 4 = 2.65%
Since it's paid over 30 months,
30 ÷ 3 = 10
So there are 10 quarters worth of payment to be made. That's 10 payments.
Quarterly repayment without interest
= 4000 ÷ 10 = $400
Interest per quarter = $4000 x 2.65%
= $4000 x 2.65/1000
= $106
Actual quarterly repayment amount
= $106 + $400
= $506
Since its 10.6% per annum,
The interest per quarter is 10.6% ÷ 4 = 2.65%
Since it's paid over 30 months,
30 ÷ 3 = 10
So there are 10 quarters worth of payment to be made. That's 10 payments.
Quarterly repayment without interest
= 4000 ÷ 10 = $400
Interest per quarter = $4000 x 2.65%
= $4000 x 2.65/1000
= $106
Actual quarterly repayment amount
= $106 + $400
= $506
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Sorry.Im just a P6 boy that just finished psle....BYEEE
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