Susan borrors $10000 from a finance company at an interest rate of 18% p.a. compounded monthly at the beginning of a month. If she repays $3000 at the end of each month, how many repayments are needed to settle the loan?
And also what's the meaning of 'to settle the loan'?
Urgent F3 Maths
2009-08-21 8:31 am
回答 (1)
2009-08-21 6:42 pm
✔ 最佳答案
To settle the loan, 即還清債務的意思。Let n be the number of month needed to settle the loan.
Then amount needed to be paid after n months
= 10 000(1 + 18%/12)n
= 10 000(1.015)n
Amount paid after n months = 3000n
To settle the loan,
10 000(1.015)n - 3000n < 0
It is impossible to calculate it, so we use trial and error.
When n = 3, L.H.S. = 1456 > 0
When n = 4, L.H.S. = -1386 < 0
So, 4 months are required.
Repayments
= 10 000(1.015)4
= $10 613.64 (2 d.p.)
參考: Physics king
收錄日期: 2021-04-19 15:14:35
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