OpenStax, Contemporary Mathematics §6.3 Simple Interest · Example 8 · Arithmetic · Money & interest
Simple Interest · Example 8
(a) A simple interest loan for $45,500 is taken out at 11.8% annual percentage rate. A partial payment of $20,000 is made 50 days into the loan period. After this payment, what will the remaining balance of the loan be?
(b) A simple interest loan for $150,000 is taken out at 5.85% annual percentage rate. A partial payment of $50,000 is made 70 days into the loan period. After this payment, what will the remaining balance of the loan be?
OpenStax, Contemporary Mathematics · §6.3 Simple Interest · Example 8
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