Vanessa was required to repay a loan that matured to $4,200 on August 8, 2015.
However, she realized that she could clear the loan amount on June 13, 2015 instead.
How much would she have to pay to clear the loan on June 13, if the simple interest
rate charged is 3.25% p.a.?
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Answer:
She have to pay Rs. 4180 (approx).
Step-by-step explanation:
First : calculate the principle amount
= 4200 ÷ 1.0325 = 4067.79
Second: find the Interest per annum
= 4067.79×3.25% = 132.20
third : find the monthly Interest
= 132.20÷12= 11.01
4th: find the daily interesr
= 132.20÷365= 0.36
As the statement say that the maturity date is Aug.8,2015
But She is paying the amount before 56 days:-
So,
= 365-56=309
Interest = 309×0.36 = 111.24
Repaying amount= 4067.79+111.24= 4179.03
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