Question

A personal loan of k2500 charged at 8% p.a flat rate.The loan is to be repaid by 24 equal monthly repayments. However, the loan is terminated after one year.How much is paid in the last repayments?​

Answer 1

1350

Explanation:

2500 : 100 = 25

25 × 8 = 200

2500 + 200 = 2700

24 : 12 = 2

2700 : 2 = 1350

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