Simple and Compound Interest
 

Simple and Compound Interest problem 33


Peter should repay his debt to the bank in three equal consecutive annual installments at € 2290 , the first installment immediately. As he finds himself in financial distress, the bank allows him to repay the debt in six equal annual installments and postpones the payment of the first installment after 3 years.


Calculate the amount of the new installment at 10% interest rate and annual interest rate.


 

material editor: Theophilus Borgbara