Simple and Compound Interest
 

Simple and Compound Interest problem 40


Petra took a loan from the bank to buy a car in the amount of € 25000. It agreed with the bank to repay with successive annual annuities in the amount of € 4500 at 4% interest rate and with annual capitalization.

How many annuities will it take for the loan to be repaid?


 

material editor: Theophilus Borgbara