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Michelle takes out a loan of $12000. The unpaid balance on the loan has an interest rate of 4.3 % per year, compounded annually.
1.The loan is to be repaid in payments of $1500 made at the end of each year.
Hence it will take years to repay the loan.
1.1.Find the number of years it will take to repay the loan.
1.2.Calculate the total amount that has been paid in amortising the loan.
2.The loan is to be amortised over 5 years.
2.1.Find the annual payment made at the end of each year.
Hence the annual payment is .
2.2.Calculate the total amount that has been paid in amortising the loan.
The total amount that has been paid in amortising the loan is ≈ .
