Restaurant Loan: The Sweet Tooth Restaurant borrowed $3,000 on a note dated May 15 with simple interest of 11%. The maturity date of the loan is September 1. The restaurant made partial payments of $ 875 on June 15 and $ 940 on August 1. Find the amount due on the maturity date of the loan.

Question

tkhunny · Answer

I = Prt -- Every time.

Just draw a map.

May 15 - $3000

June 15 - 3000 * 0.11 * 31/365 = 28.03
June 15 - 3000 + 28.03 - 875 = 2153.03

Okay, you do August 1st.