Semih also spoke with a friend of his who works at Güneş
Semih also spoke with a friend of his who works at Güneş Bank and he received the following offer monthly payments of 10,000 TL at a 1.05% monthly interest rate, followed by a lump sum payment of 60,000 TL at the end of the term. Payments are made at the end of the period. What is the total term of the loan? Give your answer in terms of months a) b) If Semih wants to pay off the loan within 5 years (i.e. 60 months), how much should he increase the lump sum payment to be paid at the end of the term? Instead of increasing the lump sum payment, perhaps Semih will just borrow less. How many can he borrow if he wants to pay off the loan in 5 years?
Categories: Uncategorized