finance question Watch

annihilati0n
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A customer arranges an overdraft with their bank of £2000. The bank’s terms for the overdraft is that it must be repaid in 12 monthly instalments and will charge 1% interest every month on the outstanding debt. How much is the monthly repayment?
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natninja
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(Original post by annihilati0n)
A customer arranges an overdraft with their bank of £2000. The bank’s terms for the overdraft is that it must be repaid in 12 monthly instalments and will charge 1% interest every month on the outstanding debt. How much is the monthly repayment?
Hey, I explained how to answer a similar question on this thread:

https://www.thestudentroom.co.uk/sho....php?t=4454614
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Bill Cheng
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£177.70 per month over 12 months.

int instal.
0 2,000.00 2,000.00
1 2,000.00 20.00 177.70 1,842.30
2 1,842.30 18.42 177.70 1,683.03
3 1,683.03 16.83 177.70 1,522.16
4 1,522.16 15.22 177.70 1,359.68
5 1,359.68 13.60 177.70 1,195.58
6 1,195.58 11.96 177.70 1,029.84
7 1,029.84 10.30 177.70 862.44
8 862.44 8.62 177.70 693.37
9 693.37 6.93 177.70 522.61
10 522.61 5.23 177.70 350.13
11 350.13 3.50 177.70 175.94
12 175.94 1.76 177.70 (0.00)
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