Question

PLEASE EXPLAIN ME THIS. IM BEGGING U

A retailer obtains a bank loan of € 83,300, with an interest rate 4.5%, to be repaid after 150 days.

> Calculate the interest due on expiry of the loan.

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Answer 1

Explanation:

Calculation

Divide your interest rate by the number of payments you'll make that year. ...

Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month. ...

Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month.