Simple Interest

[Guest]

Dear All,

I have a problem in sloving this question can anyone help me to solve it.

thanks,

Navi

[Guest]

(i) 10000[1.09]^4 / 48 = 294 per month if 48 fixed monthly payments.

(ii) [10900 - (12 x 294)] = 7372 still to pay if only interest for first year is charged.

I don't know why the big formula is given ???

[leesajohnson]

Can you please share your solution work so that one can find your mistake.