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I am required to buy an expensive equipment for which i need to borrow GBP 1,500,000.00 The bank offered me the opportunity to repay the debt in a number of months (T) equals to 4 times 41 plus 36. Such that T= 4.41+36 = 200 months. For a monthly interest rate of 0.27%.

  1. How much should I pay a month so that I will be debt free in exactly T months? I am asked to pay exactly the same amount every month while the monthly interest is applied to the outstanding balance on a monthly basis.

  2. How much will be the outstanding balance of my debt after 30 months?

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  • $\begingroup$ This website works best when people posting questions tell us something about what they know about the questions they ask. I mean, surely this question didn't just occur to you – it came up somewhere in your studies, perhaps? and maybe you have study materials which do very similar questions? So, what can you tell us about the question? $\endgroup$ – Gerry Myerson Oct 13 '16 at 10:06
  • $\begingroup$ "Solve this math problem for me" is not a question, even if there are question marks in the problem description. Show us how you're trying to solve this problem and what's giving you difficulty and ask us how you can go further. $\endgroup$ – David Schwartz Oct 13 '16 at 10:11
  • $\begingroup$ I'm voting to close this question as off-topic because OP has abandoned it. $\endgroup$ – Gerry Myerson Oct 15 '16 at 11:46

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