Question

Gyuhun takes out a loan of $1500 to

Answer 1

Answer:

$77.5 per month.

Step-by-step explanation:

Gyuhun took a loan of $1500 which will be repaid in two years.

So, each month he has to pay the principal of  $$\frac{1500}{2 \times 12}= 62.5$.

Now, he has to give the interest also per month.

The loan is charged at 12% per year i.e 1% per month.

Therefore, the total charges per month will be 1500 × 0.01 = $15  

Therefore, each month Gyuhun has to repay  $(62.5 + 15) = $77.5. (Answer)