Annual interest rate

Suppose you have a loan of e1,000. This is subject to an annual interest rate of 11%, compounded monthly. (This means a debt of d is d(1+ 0.11/12) after a month). You make monthly repayments of e12. Use a while loop to aid you with the following questions: (a) How long does it take to clear the debt (in months)? (b) Draw a plot showing the amount owed every month. (c) How much total interest is paid in the end?

WhatsApp
Hello! Need help with your assignments?

For faster services, inquiry about  new assignments submission or  follow ups on your assignments please text us/call us on +1 (251) 265-5102

🛡️ Worried About Plagiarism? Run a Free Turnitin Check Today!
Get peace of mind with a 100% AI-Free Report and expert editing assistance.

X