Loan Repayment Q (1 Viewer)

xibu34 · Feb 25, 2023

Having trouble with 8 b and c in this q

jimmysmith560 · Feb 25, 2023

Would the following working help?

Part (b):

Part (c):

$1.004375^n=1.28$

$\ln 1.004375^n=\ln 1.28$

$n\ln 1.004375=\ln 1.28$

$n=\frac{\ln 1.28}{\ln 1.004375}=56.55$

Rounding up the result gives 57 months. However, the final repayment will only be $5490.41.

xibu34 · Feb 27, 2023

jimmysmith560 said:
Would the following working help?

Part (b):

View attachment 37791

Part (c):

$1.004375^n=1.28$

$\ln 1.004375^n=\ln 1.28$

$n\ln 1.004375=\ln 1.28$

$n=\frac{\ln 1.28}{\ln 1.004375}=56.55$

Rounding up the result gives 57 months. However, the final repayment will only be $5490.41.

Cheers, that helps. Although I'm a bit confused on the working from lines 4 to 5.

Loan Repayment Q (1 Viewer)

xibu34

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jimmysmith560

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xibu34

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