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28 October, 05:50

Caridad borrowed $15,500 at 11% ordinary interest for 120 days. After 70 days, she made a partial payment of $3,000. What is the final amount due on the loan? (Round to the nearest cent)

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  1. 28 October, 06:19
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    15 500 at 11% ordinary interest for 120 days.

    => 120 days = approximately 4 months.

    => 15 500 *.11 = 1705 dollars interest

    => 15 500 + 1750 = 17 205 dollars

    => 17 205 dollars - 3000 dollars after 70 days = 14 205 dollars is the amount due
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