# Minimum Loan Repayment and Number of Months of Loan Repayment

Jane borrows $\100 \ 000$ which is to be repaid in equal monthly instalments. The interest rate is $6 \%$ per annum reducible, compounded monthly. It can be shown that the amount, $\b_n$, owing after the $n$ th repayment is given by the formula:  b_n = […]