Question: Q2. Hussein Borrowed 90,000 KWD From A Local Bank, Which Charges Him An Interest Rate Of 6% Per Year. If He Starts Paying The Bank Each Month For Five Years, A) What Is The Amount Of His Monthly Payment? (2 Marks) B) How Much Total Interest Amount Will He Pay At The End Of Loan Term? (1 Mark) C) If He Can Pay 3,000 KWD Each Month, How Many Months Will …

Question: Q2. Hussein Borrowed 90,000 KWD From A Local Bank, Which Charges Him An Interest Rate Of 6% Per Year. If He Starts Paying The Bank Each Month For Five Years, A) What Is The Amount Of His Monthly Payment? (2 Marks) B) How Much Total Interest Amount Will He Pay At The End Of Loan Term? (1 Mark) C) If He Can Pay 3,000 KWD Each Month, How Many Months Will …

Q2. Hussein borrowed 90,000 KWD from a local bank, which charges him an interest rate of 6% per year. If he starts paying the

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Q2. Hussein borrowed 90,000 KWD from a local bank, which charges him an interest rate of 6% per year. If he starts paying the bank each month for five years, a) What is the amount of his monthly payment? (2 Marks) b) How much total interest amount will he pay at the end of loan term? (1 Mark) c) If he can pay 3,000 KWD each month, how many months will it take to pay off the loan completely? (3 Marks)