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Given Principal $14,5ee, Interest Rate 8%, Time 24e days (use ordinary interest) Partial payments: On 108th day, $5,6ee On 18
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Answer #1

interest accumulated till the 100th day=P*I*T
=14,500 * 0.08 * 100/360 = $322.22

Principal due after 100th month due=14,500 -(5,600 - 322.22) = $9,222.22

Interest accumulated on 180th day= $9,222.22 *0.08*(180-100)/360=$163.95

Prinicipal due after 180th day= $9,222.22 -(3,300 - 163.95) = $6,086.17

Interest Due on 240th day= $6,086.17 * 0.08* (240-180) / 360= $81.15

Therefore, total amount due on 240th day = $81.15 + $6,086.17 =$6,167.32


a)
Total interest cost= $322.22 + 163.95 + 81.15 =$567.32

b)
100th day balance=$9,222.22

180th day balance=$6,086.17

c)
Final Payment=$6,167.32

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