sedelatobby1 sedelatobby1

26-05-2023
Mathematics

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Mr. Tobata has needed funds due to a family emergency, as there has been a medical situation in the family. The doctor quoted K85,800 as the total expenditure. Mr. Tobata didn't have much savings and medical insurance was covered to the tune of K20000, and the rest had to be borne by Mr. Tobata. hence Mr.Tobata approached the bank and the bank was ready to give him a personal loan, Which would charge a rate of 17%; he agreed to the same and his tenure will be 12 years. Based on the same information you are required to calculate the monthly installment amount and the excess amount in the form of interest.

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