Question

c) You borrowed Rs.500, 000 at 18% for five years. (1) Part a) How much you will pay each year to settle this loan? Part b) If you decided to settle this loan after two years, what additional amount you will pay at the end of two years to fully payback this loan while bank is not imposing any fine on you?

Answer 1

Answer:

(a)- Rs 950000 have you to pay.

(b)- if you dicided to settle this loan after 2 year , you have to pay the additional cost which is Rs 50000