Calculation Of Monthly Car Loan Instalment

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Question

A man borrows $30,000 to purchase a car. He agrees to pay $1,000 per month. If the interest rate is 12% compounded monthly,

a. How many regular payments of $1,000 are necessary to pay off the loan?

b. What is the size of the last payment made 1 month after the last regular payment?

Summary

The question belongs to Mathematics and it is about calculating the regular payments for a loan taken to buy a car and the size of last payment made 1 month after the last regular payment.

Total Word Count 90

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