Mathematics, 15.09.2021 14:00 nicolemaefahey
A dressmaker purchases cloth and supplies every six months to benefit from bulk purchasing resulting in a six -month business cycle. For the purpose she borrows LKR 10,000 from a micro finance institution at 48% of annual interest rate. Consider the above loan to be repaid in 6 equal monthly installments, calculated on declining balances a)Calculate the installments amount per period.
b. If the customer needs to pay 3% commission on credit disbursement, what is the total fee and interest of the loan? c. Show the amortization schedule.
d. Calculate the effective interest rate.
Answers: 2
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A dressmaker purchases cloth and supplies every six months to benefit from bulk purchasing resulting...
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