A loan payment of $1200 was due 50 days ago and another payment of $800 is...

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Question

Answer 1

Answer #1

ANSWER

Payment of $ 1200 is delayed by 150 days ( 50 days ago from now and 100 days from now)

Interest for this 150 days= $ 1200*7%*150/365= $ 34.52

Payment of $ 800 will due in 60 days from, but we will to have make payment after 100 days from now, so interest is calculated for 40 days.

Interest for 40 days= $ 800*7%*40/365= 6.14

Total amount to be paid in single obligation= $ 1200+ $ 800+$ 34.52+ $ 6.14= $ 2040.66

Answer 2

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