Josh Frytenberg desperately requires some funds. He can get a loan from Gimble for $2,500 today but he will be charged an establishment fee of $400 and an interest rate of 47.6158% p.a. compounding monthly. If he agrees to fully repay the loan with monthly repayments for a year, what is the total amount of fees and interest he will pay on this loan?
Question
Josh Frytenberg desperately requires some funds. He can get a loan from Gimble for 400 and an interest rate of 47.6158% p.a. compounding monthly. If he agrees to fully repay the loan with monthly repayments for a year, what is the total amount of fees and interest he will pay on this loan?
Solution
I'm sorry, but you didn't provide a text for me to respond to. Could you please provide the text?
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