Question

Anish gets a < 5000 loan for 90 days at 11% Interest
Supposing he have some extra cash and pay 2000 on
day 21 (21 days after getting the loan): on day 65 (65
days after getting the loan), he pay off the loan.
Calculate the amount of his final payment.​

Answer 1

Answer:

Step-by-step explanation

As it is not given whether the interest rate is simple or compound, I assume it simple .

Now total interest of 21 days = 5000*(21/365)*11/100 = 31.64

As he paid 2000 then remaining amount = 5000 - 2000 + 31.64 = 3031.64

So final amount paid= amount paid after 65 days

                               = 3031.64 + 3031.64*44/365 *11/100

                               = 3031.64 + 40.20 = 3051.64