Intermediate. Augustine wishes to take out a loan for 2000. The interest rate on this loan would
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Intermediate. Augustine wishes to take out a loan for
£2000. The interest rate on this loan would be 10 per cent per annum and Augustine wishes to make equal monthly repayments, comprising interest and principal, over three years starting one month after the loan is taken out.
What would be the monthly repayment on the loan (to the nearest £)?
(a) £56
(b) £64
(c) £66
(d) £67 ACCA Paper 1.2 - Financial Information for Management
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