You loan your roommate $1000 to help her to start a taqueria. You charge her 6%...
You loan your roommate $1000 to help her to start a taqueria. You charge her 6% APR and require her to make monthly interest payments. She is not required to repay the principal until 5 years from today. What is the total payment that she will be required to make in the last month?
Homework Answers
HI
Here Principal payment to be made only after 5 years.
So last month principal payment = $1000
APR = 6%
payment is monthly
So per month interest payment = 6%*1000/12
= $5
Hence last month payment = principal + Interest
= 1000+ 5= $1,005
Thanks
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