Answer to Question #113907 in Financial Math for Praneeta singh

Question

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
A) construct a timeline clearly showing the timing of the debt and all repayments
B) determine the balance due at the end of the 12 months using merchant rule
C) determine the balance due at the end of 8 months using the declining balance method

Answer 1

Dear Praneeta singh , your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order