On January 15, business man Dave Nile takes out a $950,000 loan at 4.25% annual interest....
On January 15, business man Dave Nile takes out a $950,000 loan at 4.25% annual interest. The maturity date (the day RR has to pay off the loan) is November 1st.
- How much will Dave Nile have to pay on November 1st?
Homework Answers
Answer ) $981,963,54
= ($950,000 X 4.25%) X 9.5/12 = $31,963.54
Principal amount = $950,000
Total sum to be repaid = ($950,000 + $31,963,54)
= $981,963.54
Interest for 9.5 half months is calculated ( Jan 15- Oct 31)
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