19. 20. Suppose you take out a loan for 150 days in the amount of $9,000...

Question

Question

business finance

Answer 1

Answer #1

Total loan = $9000

Ordinary interest (based on 360 days) = 7%

Interest due for 1st 30 days = ono. 7 9000 * 30 * 360

= $52.5

Interest due from 31st day to 90th day after payment of $1500 = 7500 * 100*360 760 = $87.5

Interest due from 90th day to 150th day = 6000 * 760 * 360 = $70

Total Interest due= 52.5 + 87.5 + 70 = $210

Total principal remaining = 9000-1500-1500 =$6000

Final amount due on loan = 6000 + 210 = $6210

Answer 2

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