SOLUTION: Andres Michael bought a new boat. He took out a loan for $24,500 at 4.5% interest for 2 years. He made a $4500 partial payment at 2 months and another partial payment of $3000 at 6

Question 1124773: Andres Michael bought a new boat. He took out a loan for $24,500 at 4.5% interest for 2 years. He made a $4500 partial payment at 2 months and another partial payment of $3000 at 6 months. How much is due at maturity?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Assuming simple interest (not stated otherwise)
after 2 months, the interest is $24500*(1/6)*,045=$183.75
the new principal is $24683.75 minus the $4500 payment to yield $20183.75
the interest the next four months is 1/3 year, so the total is $302.76 for principal now of $20486.51
subtract 3000 and have $17486.51 for 18 months, or 1.5 years
That is $1180.34 interest, calculated the same way as the other two.
The amount due is $18666.85
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