Question: Please ensure your answer is correct. if not, i will have to downvote. Please answer in clear writing The lawyer for a credit union member

Please ensure your answer is correct.
if not, i will have to downvote.
Please answer in clear writing
Please ensure your answer is correct. if not, i will have to
The lawyer for a credit union member has sent a cheque for $3316.81 in full settlement of the member's loan balance including simple interest at 8 1/3% for 4 months. How much of the payment is interest ?
.....
The amount of the payment that is interest is $[___].
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

The wwer for a credit union member han ment chaque do 59916.81 settlement of the members toan balance rating simple interest to store mentre How much of the payment in interest The amount of the payment is interest Round the firal answer to the nearest contended. Round at to do

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!