Ms. Ria has the following loans running in her name: a) Personal loan of $8,500, current balance outstanding on the loan is $8,100, total tenure of 48 months, paying an equated monthly installment of $221.34. What is the rate of interest on the personal loan? b) Auto Loan of $4,000, repayment start date is 5th Jan 2021, balance tenure of the loan as on 10th June 2021 is 2.5 years. Rate of interest on the loan is 6%. What is equated to a monthly installment on the auto loan?
Ms. Ria has the following loans running in her name: a) Personal loan of $8,500, current balance outstanding on the loan is $8,100, total tenure of 48 months, paying an equated monthly installment of $221.34. What is the rate of interest on the personal loan? b) Auto Loan of $4,000, repayment start date is 5th Jan 2021, balance tenure of the loan as on 10th June 2021 is 2.5 years. Rate of interest on the loan is 6%. What is equated to a monthly installment on the auto loan?
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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D.
![Ms. Ria has the following loans running in her name:
a) Personal loan of $8,500, current balance outstanding on the loan is $8,100, total
tenure of 48 months, paying an equated monthly installment of $221.34. What is
the rate of interest on the personal loan?
b) Auto Loan of $4,000, repayment start date is 5th Jan 2021, balance tenure of the
loan as on 10th June 2021 is 2.5 years. Rate of interest on the loan is 6%. What is
equated to a monthly installment on the auto loan?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f160f1b-d125-4cf2-9b01-27d1eef1b8b8%2Fe5809307-11b3-49a0-aa31-b07206ea55cd%2Fe76nf7e_processed.png&w=3840&q=75)
Transcribed Image Text:Ms. Ria has the following loans running in her name:
a) Personal loan of $8,500, current balance outstanding on the loan is $8,100, total
tenure of 48 months, paying an equated monthly installment of $221.34. What is
the rate of interest on the personal loan?
b) Auto Loan of $4,000, repayment start date is 5th Jan 2021, balance tenure of the
loan as on 10th June 2021 is 2.5 years. Rate of interest on the loan is 6%. What is
equated to a monthly installment on the auto loan?
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