A loan of $25,000 at 4.25% was advanced on September 12, 2016. A payment of $12,000 was
Question:
A loan of $25,000 at 4.25% was advanced on September 12, 2016. A payment of $12,000 was made on January 5, 2017, and a second payment of $8000 was made on February 18, 2017.
a. What third payment on May 15, 2017 will fully repay the debt?
b. How much does the borrower repay altogether? How much of that total is interest?
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Assumptions The interest is simple interest and the payment is on a prorata basis interest to be pai...View the full answer
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NARESHKUMAR SHARMA
I have been teaching from the times when I was still in school myself. Learned early on, that this is what I want to do in the future. Having studied Microbiology followed by medical lab technology. I worked in reputed hospitals and medical entities like medical and diagnostic centers, laboratories, etc in India and in the middle east. Throughout these years, never lost touch with teaching which continued more as a hobby than a profession but was never treated in any lesser value. I felt pride when my students achieved their goals, or to say passed with flying colors. Biology has been my passion and microbiological study only added more fire to my passion.
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Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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