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Calculate the total amount repaid under each loan

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Reference no: EM132966249

Question - Doug wishes to take out a loan for £2000. He has the choice of two loans:

Loan 1: monthly payments for 36 months at an APR of 9.38 per cent

Loan 2: monthly payments for 24 months at an APR of 12.68 per cent

Required -

(i) Calculate the monthly repayments for loans 1 and 2 to two decimal places.

(ii) Calculate the total amount repaid under each loan and purely on the basis of this information recommend which loan Doug should choose.

Reference no: EM132966249

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