SOLUTION: a man obtained a loan of 11,000 from the bank at 10% interest per annum to buy motorcycle. How much does he owe at the end of 3 years if he repays 950 at the end of each year?

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Question 1151352: a man obtained a loan of 11,000 from the bank at 10% interest per annum to buy motorcycle. How much does he owe at the end of 3 years if he repays 950 at the end of each year?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+I+=+11000%2A.1%2A3+
+I+=+3300+
He will owe +I+%2B+P+=+14300+
after 3 yrs
He will pay +3%2A950+=+2850+
so he will owe:
+14300+-+2850+=+11450+
$11,450
Get a 2nd opinion if needed