Maureen wants to borrow an amount from the money bank to start a business. Money bank decided that she has to supply an initial amount equal to 10% of the total amount she needs. The added 9% interest to the total amount she borrowed. She has to repay the loan plus interest back in equal monthly payments within 5years.calculate how much she must pay initial as well as how much her monthly payments will be if it will cost her R100 000 to start the business. Share with your friends Share 0 Roopam Pandey answered this Dear student,total amount required by Maureen for her business =Rs. 100000amount she needs to pay initially to bank =10%ofRs. 100000=Rs.10000Total amount given by bank to Maureen =100000-10000=Rs.90000interest added =9%of Rs.90000=Rs.8100total amount to be repayed =90000+8100=Rs. 98100total no. of months =5×12=60since the money is to be returned in eqaul monthy payments each monthly payment =Rs. 9810060=Rs 1635 Regards 0 View Full Answer
