Loan Repayments (1 Viewer)

[Getteral09]

Hey can anyone help me out on this loan repayment question?

A store offers credit on a $3000 sound system with no repaymnets for 6 months. If interest is 14.5% p.a. and the loan is paid back over 2 years, clauclate the amount
a) owed on the credit after 6 months, just before the first repayment (do i use the compound interest for this?)
b) of each monthly instalment (i can't seem to work this out) ><


well thanks heaps!!^^

 

[-pari-]

a) yep, just use the compound interest make sure to do it for 6months not p.a.

b) can you please put up the answer so i know if my working out is right before i put it up here?

 

[Getteral09]

Yep sure

The answer for b) is 200.38. Did u manage to get this answer?