2024 – You borrow 35000 today The loan is repaid over sixty months with monthly repayments What

2024 – You borrow 35000 today The loan is repaid over sixty months with monthly repayments What.

.You borrow $35000 today. The loan is repaid over sixty months with monthly repayments. What is the size of each repayments if the interest rate is 8% p.a. compounded monthly?

a)7140.62

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b)2827.93

c)709.67

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d)8765.96

Answer with workings please

2.You borrow $1000 from a payday lending company and pay $20 interest for one month. What is the effective rate?

a)26.82%

b)24%

c)126.82%

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d)0.27%

Please answer with workings.

3.You borrow $100000. The loan requires half-yearly repayments over 5 years at a rate of 4% p.a. compounded semi-anually. What amount of principal is paid in the first six months?

a)11132.65

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b)4000

c)9132.65

d)22462.71