Question

Hilda is taking out an $11,000 personal loan that she will repay in 5 years. If she receives a 10% interest rate, her monthly payments will be $233.72.

If she receives an 18% interest rate, her monthly payments will be $279.33. How much interest will Hilda pay on the 10% loan?​

Answer 1

Answer:

The tenure has to be between 1 year and 5 years. Interest rate - It has to be between 1 percent and 50 percent. ... Assuming, P= Rs 3 lakh, R= 15 percent per annum= 15/12= 1.250 per month, N= 60 months

Step-by-step explanation: