Question: You have borrowed $ 2 3 , 0 0 0 from a bank at an annual interest rate of 9 . 5 % compounded monthly.

You have borrowed $23,000 from a bank at an annual interest rate of 9.5% compounded monthly.
The loan will be repaid in 36 equal monthly instalments over 3 years. Immediately after your 18th
payment, you desire to pay the remainder of the loan in a single payment. Compute the total
amount he must pay.
You have borrowed $23,000 from a bank at an annual interest

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