Posted by **Thara** on Wednesday, July 22, 2009 at 7:55pm.

A $9,000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7 1/4%. Use the loan date as the focal date.

- math(simple interest) -
**MathMate**, Wednesday, July 22, 2009 at 8:13pm
Assume simple interest rate of 7.25% p.a. and three equal payments of $x.

Future value of capital after 300 days

= 9000*(1+300/365*0.0725)

Future value of 3 equal payments made at 60, 180 and 300 days

= x + x*(1+180/365*0.0725) + x*(1+240/365*0.0725)

Equating the two and solving for x,

x=$88954047/28762= $3,092.76

- math(simple interest) -
**Anonymous**, Monday, April 15, 2013 at 3:36pm
2.53

- math(simple interest) -
**sheila**, Friday, April 26, 2013 at 7:45am
25,000 at 12.35 x18months

## Answer this Question

## Related Questions

- Simple Interest - A $4000 loan made at 11.75% is to b repaid in three equal ...
- Math - 1. Rishi ram obtained an installment loan for $3,000.00. He agreed to ...
- compund interest - Payments of $1800 and $2400 weere made on a $10,000 variable-...
- Compound Interest - Payments of $1,800 and $2,400 were made on a $10,000 ...
- mathematics - The monthly loan payment was calculated at 119 payments of $330.38...
- college math - A $8700 personal loan at 5.5% compounded monthly is to be repaid ...
- college math - A $8700 personal loan at 5.5% compounded monthly is to be repaid ...
- Compound Interest : Future Value and Present Value - Payments of $1800 and $2400...
- Math Question - Tom Newman took out a simple interest loan of $1,500.00 at 10 ...
- Survey of Mathematics - On January 5, Ebony Davis borrowed $6,500 on a simple ...