Question
James borrows money to buy coffee and chocolate while doing his degree. When he finishes his degree James has a debt of $20,000. For the
James borrows money to buy coffee and chocolate while doing his degree. When he finishes his degree James has a debt of $20,000.
For the next two years James makes no repayments and the loan accumulates interest at 5.9% per year. Thereafter, he pays off $3,000 per year and the interest rate remains at 5.9%.
When will James nish paying off the loan?
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The Handbook Of Credit Portfolio Management
Authors: Greg Gregoriou, Christian Hoppe
1st Edition
0071598340, 978-0071598347
