Joy received a $5400 loan with interest at 12.5% for 90 days on August 1st. Joy made

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Joy received a $5400 loan with interest at 12.5% for 90 days on August 1st. Joy made a payment of $3000 on September 15th.

a. How much did she have left on the loan after her payment on September 15th?

b. How much did she owe the bank on the date of maturity?

c. What total amount of interest did she pay on the loan?

Related Book For answer-question

Bank Management

ISBN: 978-1133494683

8th edition

Authors: Timothy W. Koch, S. Scott MacDonald

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Posted Date: Nov 30, 2020 07:39 AM

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Joy received a $5400 loan with interest at 12.5% for 90 days on August 1st. Joy made

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Answer a Shortterm notes use simple interest which is calculated as I... View the full answer

Bank Management

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