Finance question regarding repayment Amy borrows $30,000 from Citi Bank to buy a fancy...
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Finance question regarding repayment
Amy borrows $30,000 from Citi Bank to buy a fancy motorbikel . To reply the loan, there will a series of equal annual repayment over 10 years, with discount rate r=5% p.a. A) calculate the amount of her repayment. B) calculate the interest element of the 13th repayment c) Amy decides to pay off the loan at the time of the 15 repayment (the 15th repayment has not been made). Calculate the amount required to pay off the loan
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Finance question regarding repayment