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You borrow 32,903 and repay the loan over 2 years by making weekly repayments at an interest rate of 15% per annum, compounded weekly. What is the size of each weekly repayment? Please write the answer in two decimal places.

Solution

You borrow 32, 903 and repay the loan over 2 years by making weekly repayments at an interest rate of 15% per annum, compounded weekly. What is the size of each weekly repayment? Please write the answer in two decimal places.

Solution

Amount : 44395.23

Solution steps

Translate the problem into an equation:

A = 32903 (1 + \frac{0.15}{52})^{52 \cdot 2}

32903 (1 + \frac{0.15}{52})^{52 \cdot 2} = 44395.22759 \dots

Round to the nearest hundredth:

44395.23

Amount : 44395.23

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