Mathematics, 17.08.2021 20:20 Shubbs
Pamela borrows $2,500 at 12% per annum simple interest, for 2 years. In addition, a fee of $200 is charged for processing the loan.
Calculate:
I) the sum of money, which she will have to repay the bank of 2 years.
ii) the profit percent the bank makes on the loan.
III) the monthly installments, if she is required to repay the loan in 24 equal monthly installments.
Please help
Answers: 3
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Pamela borrows $2,500 at 12% per annum simple interest, for 2 years. In addition, a fee of $200 is c...
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