- #1
nokia8650
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I was undertaking the following problem:
A man takes out a 5 year loan for $10,000 with an annual interest of 8% with equal annual repayments. How much must be paid each year?
I'm stuck as to where and how to start. Is there are particular equation which I should be using?
Thanks
A man takes out a 5 year loan for $10,000 with an annual interest of 8% with equal annual repayments. How much must be paid each year?
I'm stuck as to where and how to start. Is there are particular equation which I should be using?
Thanks