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A loan of £1000 at 5% pa interest out for 1 year. The agreement Is for 12 equal monthly payment to be made. How much would you have to pay each month?

A loan of £1000 at 5% pa interest out for 1 year. The agreement Is for 12 equal monthly payment to be made. How much would you have to pay each month?
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a loan of £1000 at 5% pa interest out for 1 year. The agreement Is for 12 equal monthly payment to be made. How much would you have to pay each month?

User Srihari Goud
by
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1 Answer

5 votes
5% of 1000 is 50. Add together to get 1,050 Euros. Divide by 12 and you get 12 payments of 87.5 Euros
User Pathfinderelite
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