Question
then took bank loan from Rant Bank to pay his credit card debt at the end of 3rd month. Kart Bank charges 1,25% monthly late
then took bank loan from Rant Bank to pay his credit card debt at the end of 3rd month. Kart Bank charges 1,25% monthly late payment interest for credit card debt and Rant Bank charges 1,20% monthly interest for the loan. Rant Bank debt has 6 months maturity, principal and interest of the loan taken from Rant Bank will be paid in full at the end of 6th month. Using compounded interest
1-Find the amount MrAhmet needs to borrow from Rant Bank to pay his credit card debt.
2-Find the debt amount to be repaid to Rant Bank at maturity
Mr Ahmet has 3.000 TL credit card debt to Kart Bank. He has not paid his debt for 3 months and then took bank loan from Rant Bank to pay his credit card debt at the end of 3rd month. Kart Bank charges 1,25% monthly late payment interest for credit card debt and Rant Bank charges 1,20% monthly interest for the loan. Rant Bank debt has 6 months maturity, principal and interest of the loan taken from Rant Bank will be paid in full at the end of 6th month. Using compounded interest
1-Find the amount MrAhmet needs to borrow from Rant Bank to pay his credit card debt.
2-Find the debt amount to be repaid to Rant Bank at maturity
then took bank loan from Rant Bank to pay his credit card debt at the end of 3rd month. Kart Bank charges 1,25% monthly late payment interest for credit card debt and Rant Bank charges 1,20% monthly interest for the loan. Rant Bank debt has 6 months maturity, principal and interest of the loan taken from Rant Bank will be paid in full at the end of 6th month. Using compounded interest
1-Find the amount MrAhmet needs to borrow from Rant Bank to pay his credit card debt.
2-Find the debt amount to be repaid to Rant Bank at maturity
Mr Ahmet has 3.000 TL credit card debt to Kart Bank. He has not paid his debt for 3 months and then took bank loan from Rant Bank to pay his credit card debt at the end of 3rd month. Kart Bank charges 1,25% monthly late payment interest for credit card debt and Rant Bank charges 1,20% monthly interest for the loan. Rant Bank debt has 6 months maturity, principal and interest of the loan taken from Rant Bank will be paid in full at the end of 6th month. Using compounded interest
1-Find the amount MrAhmet needs to borrow from Rant Bank to pay his credit card debt.
2-Find the debt amount to be repaid to Rant Bank at maturity
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