Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Discover the answers you need from a community of experts ready to help you with their knowledge and experience in various fields. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

On May 1, you sign a $1000 note with simple interest of 8.5% and a maturity date of December 19. You make partial

payments of $475 on June 2 and $200 on November 4. How much will you owe on the date of maturity?

A) $355.79

B) $354.39

C) $359.53

D) $358.96

Sagot :

anthougo

Answer:

The amount to be repaid is $379.26.

Step-by-step explanation:

Period of note from May 1 to December 19 = 233 days

Amount of note or principal = $1,000

Simple interest rate = 8.5%

Maturity date = December 19

Repayments:

June 2 = $475

Nov. 4 =  $200

Total paid $675

Simple interest = $54.26 ($1,000 * 8.5% * 233/365)

Total amount to be repaid = $1,054.26

Total amount repaid =               675.00

Balance to be paid on maturity $379.26

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.