A man has borrowed $10,000 which he will repay in 60 equal monthly installments. After his twenty-fifth payment he desires to pay the remainder of the loan at the time of the 26th payment in a single payment. At an interest rate of 2% per month what is the amount of the payment?

Answer rating: 100% (QA)

Solution Step 1 EMI P x R x 1RN1RN1 Where EMI Equal Monthly Payment P Loan Amount R Interes... View the full answer