Homework Answers
Answer:-Correct option is (A)
Loan= 2300
i=18% =18/12 = 1.5% Per Month
i = 18% = 18/12 = 1.5% per month
t = 72 months
Monthly installment = 23000*(A/P,1.5%,72)
= 23000 * 0.0228 = 524.4
Loan amount to be paid for 72-48 = 24 months
= 524.4*(P/A,1.5%,24)
= 524.4*20.030
Loan Balance after the 48th Payment = 10.503.732
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