7) A loan was given out on 20 August 2008 at 7% simple interest.it was paid...
7) A loan was given out on 20 August 2008 at 7% simple interest.it was paid up on 31 December 2008 with a payment of RM9,299.25.Find the loan amount using the Banker's rule.
Homework Answers
Solution:
Date of loan = 20.08.2008
Date of repayment = 31.12.2008
Period outstanding for loan = 20.08.2008 to 31.12.2008 = 131 days
Interest rate = 7%
Repayment amount = RM 9,299.25
Let Loan amount = P
Now
P + P*7%*131/365 = RM 9,299.25
1.02512328 = RM 9,299.25 = RM 9,071.35
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