SOLUTION: Hi,
I'd like some help with the following question.
A student requires an immediate bank overdraft of €2500. His bank agrees but requires that it is repaid by 18 month instal
Algebra.Com
Question 713816: Hi,
I'd like some help with the following question.
A student requires an immediate bank overdraft of €2500. His bank agrees but requires that it is repaid by 18 month instalments starting at the end of this month at a rate of interest of 1.5% a month. How much must each instalment be?
I used this formula to find m m((1+i)^t-1)/i but my answer doesn't match the answer given.
Given answer:(€159.51)
Regards
Brian
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Wrong formula. You need:
}{1\ -\ (1\ +\ r)^{-n}})
John
Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
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