asked 86.5k views
4 votes
About 2 months ago, you got a $2,000 180-day 13% consumer loan. Today you made a $1,000 payment, resulting in a balance of $1,042.74. Thirty-eight days later you pay the loan in full. Calculate the total amount of that payment. Assume a 365-day year.

asked
User Fredbaba
by
7.7k points

1 Answer

0 votes
P +I = P +Prt = P(1 +rt)
.. = $1042.74*(1 +0.13*38/365) = $1056.85
answered
User Maritsa
by
8.0k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.