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Back to 6.3 Simple Interest

6.3 Exercise 15

Avg difficulty 2.5
  1. A simple interest loan for $45,500 is taken out at 11.8% annual percentage rate. A partial payment of $20,000 is made 50 days into the loan period. After this payment, what will the remaining balance of the loan be?
  2. A simple interest loan for $150,000 is taken out at 5.85% annual percentage rate. A partial payment of $50,000 is made 70 days into the loan period. After this payment, what will the remaining balance of the loan be?

OpenStax Contemporary Mathematics, 6.3 Simple Interest, exercise 15

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.