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Hugo borrows
$50000 from a bank at an interest rate of
24% p.a., compounded monthly. H repays the bank
$3000 at the end of each month after the interest is calculated. How much doe he still owe the bank just after his second repayment?
A.
$34698
B.
$39658

50000 ×(1+(24)/(12))^(7-x)
C
$39900
D
$45960

Hugo borrows $\$50000$ from a bank at an interest rate of $24$ \% p.a., compounded monthly. H repays the bank $\$3000$ at the end of each month after the interest is calculated. How much doe he still owe the bank just after his second repayment? $\newline$ A. $\$34698$ $\newline$ B. $\$39658$ $\newline$ $50000 \times (1+\frac{24}{12})^{7-x}$ $\newline$ C $\$39900$ $\newline$ D $\$45960$

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Compound interest

Full solution

Q. Hugo borrows

\$50000

from a bank at an interest rate of

24

\% p.a., compounded monthly. H repays the bank

\$3000

at the end of each month after the interest is calculated. How much doe he still owe the bank just after his second repayment?

\newline

A.

\$34698

\newline

B.

\$39658

\newline

50000 \times (1+\frac{24}{12})^{7-x}

\newline

C

\$39900

\newline

D

\$45960

Calculate Monthly Interest Rate: Calculate the monthly interest rate. Monthly interest rate = $\frac{24\%}{12} = 2\%$
Calculate Amount After $1$ st Month: Calculate the amount owed after the first month. Amount after $1$ st month = $50000 * (1 + 0.02) - 3000$ Amount after $1$ st month = $50000 * 1.02 - 3000$ Amount after $1$ st month = $51000 - 3000$ Amount after $1$ st month = $48000$
Calculate Amount After $2$ nd Month: Calculate the amount owed after the second month. Amount after $2$ nd month = $48000 * (1 + 0.02) - 3000$ Amount after $2$ nd month = $48000 * 1.02 - 3000$ Amount after $2$ nd month = $48960 - 3000$ Amount after $2$ nd month = $45960$

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