Question: I'm having trouble with question. Can you please help me? You borrow $30,000 to be repaid in equal monthly instalments over 10 years. The interest

I'm having trouble with question. Can you please help me?

You borrow $30,000 to be repaid in equal monthly instalments over 10 years. The interest on the loan is 12% p.a. compounding (1% per month)

  1. What is the monthly repayment?
  2. How much would it cost to pay out the loan after 4 years? (Note: The payout figure is the amount owing on the loan, that is, the principal balance.)
  3. How much interest is saved by paying out the loan after only 4 years?

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