Loan Repayment

From Homeworkwiki

Jump to: navigation, search

Question : Susan Carsten borrowed $25,900 from her father to start a flower shop. She repaid him after 11 mo, with interest of 8.4%. Find the total amount she repaid.

Answer : The full amount she has to repay is the face amount plus the interest. Interest = .084 * 25900*11/12 = $2175.60. So, amount to be repaid = $25900 + 1994.30 = $27894.30

Retrieved from "http://www.tutorteddy.com/homeworkwiki/Loan_Repayment"
Personal tools
McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams