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Adela borrowed $10,500 at 12% ordinary interest for 170 days. After 40 days, she made a...

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Finance

Adela borrowed $10,500 at 12% ordinary interest for 170 days.After 40 days, she made a partial payment of $3,000. After another80 days, Adela made a second partial payment of $2,000. What is thefinal amount due on the loan?

Answer & Explanation Solved by verified expert
4.2 Ratings (491 Votes)
Since there is ordinary interest there should be 360 days a year    See Answer
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Transcribed Image Text

Adela borrowed $10,500 at 12% ordinary interest for 170 days.After 40 days, she made a partial payment of $3,000. After another80 days, Adela made a second partial payment of $2,000. What is thefinal amount due on the loan?

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