Simple Interest

M

Malia Losalu

New member
Joined
May 3, 2020
Messages
4
A loan of $1400 is due in 1 year at a simple interest rate of 12%. Partial payments of $400 in 2 months, $25 in 6 months, and $700 in 8 months are made
  • Construct a timeline clearly showing the timing of the debt and all repayments. (1 marks)
  • Working and Answer Space for Part A










    • Determine the balance due at the end of the 12 months using the merchant rule (6 marks)
    • Working and Answer Space for Part B
 
I am a bit confused. I suspect that you posted these problems here because you need some help but you forgot to state what type of help you need. Please post the work you have done so far so that we know what help you need.
 
A loan of $1400 is due in 1 year at a simple interest rate of 12%. Partial payments of $400 in 2 months, $25 in 6 months, and $700 in 8 months are made
  • Construct a timeline clearly showing the timing of the debt and all repayments.
  • Determine the balance due at the end of the 12 months using the merchant rule
  • Determine the balance due at the end of the 8 months using the declining balance method
Can someone help me to answer these 3 question from the information above.
 
Can you show us what you know and where you are getting stuck?
 
All you have done is state a problem (for doing which you get credit) so it looks like you just want someone to do your homework for you! If you really want "help" tell us what you do understand about this problem and what attempt you have made on it yourself.
 
Malia Losalu said:
A loan of $1400 is due in 1 year at a simple interest rate of 12%. Partial payments of $400 in 2 months, $25 in 6 months, and $700 in 8 months are made
  • Construct a timeline clearly showing the timing of the debt and all repayments.
  • Determine the balance due at the end of the 12 months using the merchant rule
  • Determine the balance due at the end of the 8 months using the declining balance method
Can someone help me to answer these 3 question from the information above.
Click to expand...
You were told to share work in your previous thread (https://www.freemathhelp.com/forum/threads/question.122014/#post-493186). If you do not know anything about this problem - we would have to start from the definitions of the terms used in this problem, e.g.:

What is the definition of loan?

What is the definition of simple interest?

That can waste lot of time......
 
You must log in or register to reply here.
Top