Question

kya clark borrowed 7500 ay 6%ordinary interest for 180 days after 40 days she made a partial payemnt of 2500 after another 70 days kya made a second partial payment of 3000 using the U.S rule what is the final amount due?

Answer 1

Answer:

$2,133.52

Explanation:

lets try to put some dates into the question:

Kya borrowed $7,500 on June 1.

On July 10, she made a partial payment of $2,500. The loan's balance on July 10 was $7,500 + [$7,500 x 6% x 40/360 (remember ordinary interest is 360 days)] = $7,550 - $2,500 = $5,050

On September 18, Kya made a second payment of $3,000. The loan's balance before the payment = $5,050 + ($5,050 x 6% x 70/360) = $5,108.92 - $3,000 = $2,108.92

On November 27 when her loan is due, she will need to pay $2,108.92 + ($2,108.92 x 6% x 70/360) = $2,133.52