Geometric series problems

Dec 2019
1
0
China
Hello.
I really need help with this problem.

A person requests an immediate bank overdraft of $2000. The bank generously agrees to this, but insists that it should be repaid by 12 monthly instalments and charges 1% interest every month on the outstanding debt. Determine the monthly repayment.
 

skeeter

Math Team
Jul 2011
3,360
1,850
Texas