6. A loan of $2500 taken out on April 2 requires equal payments on May 25,...

 

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6. A loan of $2500 taken out on April 2 requires equal payments on May 25, July 20, September 10, and a final payment of $500 on October 15. If the focal date is October 15, what is the size of the equal payments at 9% simple interest? 6. A loan of $2500 taken out on April 2 requires equal payments on May 25, July 20, September 10, and a final payment of $500 on October 15. If the focal date is October 15, what is the size of the equal payments at 9% simple interest?

Answer rating: 100% (QA)

First lets find the total interest accrued over the period from April 2 to October 15 Interest Princ... View the full answer