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Ali borrowed $17,500 at 5.00% p.a. from his parents to start a business. In 3 months he repaid $7,200 towards the loan, and in 7
Ali borrowed $17,500 at 5.00% p.a. from his parents to start a business. In 3 months he repaid $7,200 towards the loan, and in 7 months he repaid $6,900. How much would he have to repay his parents at the end of 15 months to clear the outstanding balance? Use the declining balance method to calculate the last payment. Round to the nearest cent
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