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19 January, 23:19

Myerson borrowed $8,500 at 9% ordinary interest for 200 days. After 120 days, he made a partial payment of $4,000. What is the final amount due on the loan?

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  1. 20 January, 02:47
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    Interest due at the end of 120 days

    = 8500 (120/365) (.09) = 251.51

    so of his $4000 payment, $3748.49 will go towards reducing the debt.

    so balance owing = 8500 - 3748.49

    = 4751.51

    interest for the remaining 80 days

    = 4751.51 (.09) (80/365) = 93.73

    total owing at the end = 4751.51+93.73

    = $4845.23
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