A car dealer sold a car for Dh. 100,000 by 20 monthly installments. Each installment
comprises of equal amount of principal and interest @ 12% on the outstanding balance on date of payment of each inclement (i.e. interest on the reducing balance of principal) Calculate the chargeable amount of interest. Solve only by setting your own formula.
comprises of equal amount of principal and interest @ 12% on the outstanding balance on date of payment of each inclement (i.e. interest on the reducing balance of principal) Calculate the chargeable amount of interest. Solve only by setting your own formula.