A person requests an immediate bank overdraft of $2000. The
bank generously agrees to this but insists that it should be repaid
by 12 monthly instalments and charges 1% interest every month
on the outstanding debt. Determine the monthly repayment
I think that the answer would be $186.67. My reasoning is 1% of $2000 is $20. Installments of 12 months. Take 2000/12 plus the interest of 1% ($20) you get 186.66 repeating however rounding would make it 186.67.
