Asked by eline
You decide to take out an ordinary interest loan of $30,000 at 4%, on a 90 day note.
a) In 45 days you decide to make a payment of $10,000 on the loan. What is your new principal? Explain how you got the answer.
a) In 45 days you decide to make a payment of $10,000 on the loan. What is your new principal? Explain how you got the answer.
Answers
Answered by
Henry
P = Po + Po*r*t =
30,000 + 30,000*(0.04/360)*45 - 10,000 =
30,000 + 150 -10,000 = $20,150.
30,000 + 30,000*(0.04/360)*45 - 10,000 =
30,000 + 150 -10,000 = $20,150.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.