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International Baccalaureatte | Maths SL
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Germaine
Germaine

International Baccalaureatte chevron_right Maths SL chevron_right Singapore

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: 5 years ago
Views: 464
J
J
5 years ago
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
J
J
5 years ago
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

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Sorry.Im just a P6 boy that just finished psle....BYEEE
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Jazil khalish
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