A man borrows $700 at 4% per annum. He repays $200 per year. How much still owes after the 3rd repayment.
+118723 A man borrows $700 at 4% per annum. He repays $200 per year. How much still owes after the 3rd repayment.
At the end of the first year he owes 1.04*700-200=$528
At the end of the second year he owes 1.04*528-200=$349.12
At the end of the second year he owes 1.04*349.12-200=$163.48
+118723 A man borrows $700 at 4% per annum. He repays $200 per year. How much still owes after the 3rd repayment.
At the end of the first year he owes 1.04*700-200=$528
At the end of the second year he owes 1.04*528-200=$349.12
At the end of the second year he owes 1.04*349.12-200=$163.48
