Joseph borrowed $50 000 to buy a new car.
Interest on this loan is charged at the rate of 7.5% per annum, compounding monthly.
Joseph will fully repay this loan with 60 monthly repayments over five years.
Immediately after the 59th repayment is made, Joseph still owes $995.49
The value of his final repayment, to the nearest cent, will be
- $995.49
- $998.36
- $1001.71
- $1001.90
- $1070.15