SOLUTION: Miguel borrowed $10,000 at 6% ordinary interest for 120 days. After 40 days, he made a partial payment of $2,500. What is the final amount due on the loan?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Miguel borrowed $10,000 at 6% ordinary interest for 120 days. After 40 days, he made a partial payment of $2,500. What is the final amount due on the loan?
Log On
Question 1086159: Miguel borrowed $10,000 at 6% ordinary interest for 120 days. After 40 days, he made a partial payment of $2,500. What is the final amount due on the loan?
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
