P = Po + Po*r*T.
P1 = 10,500 + 10,500*(0.12/360)*40 - 3000 = 10,640 - 3000 = $7,640.
P2 = 7,640 + 7640*(0.12/360)*80 = 7843.73 - 2000 = $5843.73. = Bal.
after 120 days.
P3 = 5843.73 + 5843.73*(0.12/360)*50 = Final amt. due.
P1 = 10,500 + 10,500*(0.12/360)*40 - 3000 = 10,640 - 3000 = $7,640.
P2 = 7,640 + 7640*(0.12/360)*80 = 7843.73 - 2000 = $5843.73. = Bal.
after 120 days.
P3 = 5843.73 + 5843.73*(0.12/360)*50 = Final amt. due.
First, let's calculate the interest for the initial period before the first partial payment. Adela borrowed $10,500 at an interest rate of 12% per annum (annual interest rate). To find the interest for 170 days, we can use the formula:
Interest = Principal x Rate x Time
Principal = $10,500
Rate = 12% per annum = 12/100 = 0.12
Time = 170/365 (as it is given in days and we need to convert it to years)
So, the interest for the initial period is:
Interest = $10,500 x 0.12 x (170/365)
Interest = $513.15 (rounded to two decimal places)
After 40 days, Adela made a partial payment of $3,000. Therefore, the principal balance after the first payment is:
Principal balance = $10,500 - $3,000
Principal balance = $7,500
Now, let's calculate the interest for the second period before the second partial payment. The principal balance is $7,500, and the time is 80 days.
Interest = $7,500 x 0.12 x (80/365)
Interest = $164.38 (rounded to two decimal places)
The principal balance after the second payment is:
Principal balance = $7,500 - $2,000
Principal balance = $5,500
Finally, to calculate the final amount due on the loan, we need to sum up the remaining principal balance and the interest for the second period:
Final amount due = Principal balance + Interest for the second period
Final amount due = $5,500 + $164.38
Final amount due = $5,664.38
Therefore, the final amount due on the loan is $5,664.38.