## Answers

Instant cash =$150

4% of 150=4%*150=$6

Hence $15 charge will be applicable.

Total outstanding =150+15=$165

A=$10

R=1.5%

Hence Pv= A*(1-(1+r)^-n)/r where n is the no of months

Or, 165=10*(1-(1+1.5%)^-n/1.5%

Or, 165*0.015/10=1-1.015^-n

Or, 1.015^-n=1-0.2475

Or, -nlog 1.015=log0.7525

Or, -n*0.0065=-0.1235

Or, n=0.1235/0.0065

Or, n=19.10 months

Hence it will take **19.1** months to repay

Total payment=19.1*10=191

Hence interest =191-165=**$26**

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