2022 RI Promo Q12
On 1 Jan 2023, Sam takes an interest-free study loan of $\$28,000$ from his parents for his university fees. He starts to repay $\$m$ to his parents on 1 Feb 2023 and progressively increases $\$50$ in his repayment amount at the start of each subsequent month.
(i)
Given that $m=500$, on which date will Sam finish repaying his parents?
[4]
(ii)
If Sam wants to finish repaying his parents by the end of 2024, find the minimum value of $m$, giving your answer to the nearest dollars.
[3]
On 1 Jan 2023, Sam’s friend, Joshua, takes a study loan of $\$28,000$ from UAB Bank. The bank charges an interest rate of $0.2\%$ per month at the end of each month from the start of the loan period.
(iii)
Given that he repays $\$500$ to the bank on the first day of every month beginning from 1 Feb 2023 onwards, on which date will Joshua finish repaying his study loan?
[5]
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