Questions:
Interest Determination Per Annum
A student borrows 3,000 at an interest rate of 2 % per month on the unpaid balance. If the student pays $200 at the end of each month, what is the remaining balance at the end of one year?
How much interest has the student paid for the year?
Output: Output consists of a screen display showing the balance each month, remaining balance at the end of one year and the total interest the student has paid for the year.