Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chris has two loans which both require payments to be made at the end of every week. With Loan 1 he borrowed $42663 and is

Chris has two loans which both require payments to be made at the end of every week. With Loan 1 he borrowed $42663 and is repaying interest only. He will repay the principal after 6 years. With Loan 2 he borrowed $29485 and is repaying principal and interest each week over a period of 4 years. It is now 3 years since both loans were taken out and the interest rate continues to be 7.92% p.a.compounded weekly. What is the total amount Chris must pay this week?

(Assume 52 weeks per year. Give your answer to the nearest cent, omitting the dollar sign.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions