Question

PLEASE HELP!!!

In exercises 4 and 5, Yolanda received a $5400 loan with a 12.5% interest rate for 90 days on August 1. Yolanda made a payment of $3000 on September 15.
4) How much did she owe the bank on the date of maturity? Show your work and the formula you used.

Answer 1

calculate interest

5400×12.5%=675 for 90 days

after 45 day she paid 3000

so interst will be 675÷2=337.5

add it to 5400+337.5= 5737.5

5737.5-3000= 2737.5