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What will be the monthly repayments on a loan

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Reference no: EM131482151

Question: 1. What will be the monthly repayments on a loan of £6,500 taken out over 5 years at a monthly interest rate of 1.2%?

2. You wish to buy a car priced at £6,000 by putting down a cash deposit of £2,000 and borrowing £4,000, the loan being paid back in monthly instalments over 2 years. How much will you have to budget to pay out of your salary if the monthly interest rate is 1.4%?

Reference no: EM131482151

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