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28 June, 13:09

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.

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  1. 28 June, 14:09
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    P + I = P + Prt = P (1 + rt)

    ... = $1042.74 * (1 + 0.13*38/365) = $1056.85
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