If uncle would have not loaned me, he would have deposited the money for these two years and earned interest on it that’s compounded annually. So, formulae of compound interest (CI):
(where P= Initial deposit, n= rate of interest, t=time period)
Following the above formulae:
CI = 20000[1+8/100]2 = 20000 x (1.08) x (1.08) = $23328
Final Amount = $23328
So, to make payment back of this final amount in every 6 months for 2 years, I would make 2 x 12/6 = 4 time installment payments.
So, payment in every 6 months = 23328/4 = $5832
ANSWER= PAYMENT OF $5832 IN EVERY SINGLE MONTHS TO BE DONE 4 TIMES.