SOLUTION: church fund loans money to its members at the rate of 6% annual interest on the original loan principal. Unice borrowed $2,400 in January and paid back $1,000 by end of June. In D

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: church fund loans money to its members at the rate of 6% annual interest on the original loan principal. Unice borrowed $2,400 in January and paid back $1,000 by end of June. In D      Log On


   

Question 1040912: church fund loans money to its members at the rate of 6% annual interest on the original loan principal. Unice borrowed $2,400 in January and paid back $1,000 by end of June. In December of that year, she paid off the loan. To the nearest dollar, how much did Unice pay to close our of the loan at the end the year?
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
2400x.06=144
The total due at the end of the year is 2400+144=2544.
Unice pays 1000 in June. To close out her loan she paid 2544-1000=1544 at the end of the year ☺☺☺☺