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1. 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?
2. (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?
£2000 divided by 12 = £166.666667 per month

1% of that answer = 1.66666667

Monthly repayment is those two numbers added together = £168.333334 per month

This is a guess. But the numbers seem dead weird

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Updated: January 7, 2017
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