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Gyuhun takes out a loan of $1500 to
furnish his new student apartment.
The terms of the loan are that Gyuhun
will pay equal monthly instalments.
Interest is calculated monthly and is
charged at 12% p.a. The loan is to be
repaid in two years.
Calculate the amount that Gyuhun
has to pay each month if the first.
repayment is made one month after the
money is borrowed and after interest is
calculated.​

Respuesta :

Answer:

$77.5 per month.

Step-by-step explanation:

Gyuhun took a loan of $1500 which will be repaid in two years.

So, each month he has to pay the principal of  $[tex]\frac{1500}{2 \times 12}= 62.5[/tex].

Now, he has to give the interest also per month.

The loan is charged at 12% per year i.e 1% per month.

Therefore, the total charges per month will be 1500 × 0.01 = $15  

Therefore, each month Gyuhun has to repay  $(62.5 + 15) = $77.5. (Answer)

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