SOLUTION: James borrowed $15,500 at 10% ordinary interest for 120 days. After 40 days, he made a partial payment of $3,000. After another 30 days, James made a second partial payment of $1,0

Question 1086160: James borrowed $15,500 at 10% ordinary interest for 120 days. After 40 days, he made a partial payment of $3,000. After another 30 days, James made a second partial payment of $1,000. What is the final amount due on the loan?

Answer by rapture(86) (Show Source): You can put this solution on YOUR website!
Use the following formulas:
I = PR(days/360)
When you find I, plug it into
F = P + I to find the final amount to be paid.
I = interest
P = the amount borrowed
R = the given percent

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