The Question is
A loan of £10,000 is to be repaid over ten years by a level annuity payable monthly in arrears. The amount of the monthly payment is calculated on the basis of an interest rate of 1% per month effective. Find the total principal repaid and the interest paid in the first year.
It says the answer is £548.38 and £1173.26 respectively. I cannot seem to get it. My answers keep being
£956.05 and £99.98
I get the monthly repayment to be £87.60
...with these A Level results?