Question

percy borrowed $1000 at 9% per annum simple interest.she is to repay the debt with 3 equal payments;the 1st at the end of 3 months,the 2nd at the end of 6 months and the 3rd at the end of 9 months.determine the size of the payments using the focal date at the preseent time

Answer 1

Since she is borrowing for 9 months, her total interest is 9/12 x 9%=6.75%. 1.0675 x 1000=1067.5 total payments.
1067.5/3=$355.83 due at the end of 3, 6, and 9 months.
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