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How many full repayments does gerald have to make

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Reference no: EM132636877

Question 1: Calculate the current loan outstanding (again, it is 10 years after the loan was initially taken out). Note that the new interest rate only applies from today onwards.

Question 2: Because Gerald's business is doing well, he decides to repay a lump sum of $10,000 immediately. To further reduce the amount of interest he is paying to the bank, he will increase his monthly repayments to $ 1,000 per month. How many full repayments of $ 1,000 does Gerald have to make in order to fully repay this loan?

Reference no: EM132636877

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