Question 1099065
$3500 on a one-year, simple interest loan at 15% would equal a total amount of 3500*1.15, or $4025 balance due by the end of the year. After the first payment:
1.15n=300
n=260.87 applied to the principal, $39.13 applied as interest. The new balance after the first payment would be 4025-300=$3,725 balance
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