Find the interest that is paid in the twelveth payment

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Reference no: EM132775122

A loan of 10,000 is being repaid in 48 monthly installments. The loan has an interest rate of 6% convertible monthly.

The payments follow a pattern:

The odd payments (that is, let, 3rd, 5th, etc.) are in the amount R
The even payments (that is, 2nd, 4th, 6th, etc.) are in the amount 2R

Problem 1: Find the interest that is paid in the 12th payment.

Reference no: EM132775122

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