Andres Michael bought a new boat. He took out a loan for $24,010 at 4.5% interest for 4 years. He made a $4,990 partial payment at 4 months and another partial payment of $2,660 at 9 months. How much is due at maturity?

Answer 1

Assuming simple interest (not stated otherwise)
after 2 months, the interest is $24500*(1/6)*,045=$183.75
the new principal is $24683.75 minus the $4500 payment to yield $20183.75
the interest the next four months is 1/3 year, so the total is $302.76 for principal now of $20486.51
subtract 3000 and have $17486.51 for 18 months, or 1.5 years
That is $1180.34 interest, calculated the same way as the other two.
The amount due is $18666.85