A bank offers loans to its customers Customers choose to repay over periods ranging from 60 to 240 months.
Table of Monthly Repayments in Dollars
Time taken to repay loan in months
60
00
120
180
240
5000
111.83
85.17
72.43
60.78
55.89
6000
Loan
amount
134.20
102.20
86.92
72.94
67.07
(5)
8000
178.93
136.27
115.89
97.25
89.43
10000
217.03
163.23
137.30
113.16
102.67
The table shows how much the customer must repay each month
For example, Manuel takes a loan of $6000 for 180 months. The table shows that he must repay
$72.94 each month for 180 months.
(a) Ella takes a loan of $5000 for 90 months.
(1) How much must she repay cach month?
Answer (a)(i)s
(1)
(1) Calculate the total amount she must repay.
Answer (a)(ii)
If instead she takes the loan of $5000 for 120 months, calculate how much more the total
amount will be
Answer (1) S
121
(b) Frida takes a loan of $10000 for 60 months,