Posted by **Thara** on Friday, July 31, 2009 at 12:53am.

A $4000 loan made at 11.75% is to b repaid in three equal payments, due 30, 90, and 150 days, respectively, after the date of the loan. Detemine the size of the payments.

Let the amount of each payment be represented by x.

P1=

______x__________=0.9904349x

1 + 0.01175(30/365)

P2=

_______x__________=0.9718432x

1 + 0.01175(90/365)

P3=

_______x__________=0.9539366x

1 + 0.01175(150/365)

$4000= P1 + P2 + P3

= 0.9904349x + 0.9718432x

+ 0.9539366x

=2.916215x

x= ___$4000___

2.916215

x= $1371.64

Therefore, each payment should be $1371.64.

My question is how do i get the answer in P1=0.9904349x, P2=0.9718432x, and

P3=0.9539366x. Just show me for one of them then i can understand how to do it for the rest. Thanks.

## Answer This Question

## Related Questions

- math(simple interest) - A $9,000 loan is to be repaid in three equal payments ...
- Math - 1. Rishi ram obtained an installment loan for $3,000.00. He agreed to ...
- Compound Interest - Payments of $1,800 and $2,400 were made on a $10,000 ...
- compund interest - Payments of $1800 and $2400 weere made on a $10,000 variable-...
- Compound Interest : Future Value and Present Value - Payments of $1800 and $2400...
- math - Tim Newman took out a simple interest loan of $1500 at a 10 percent ...
- Math--Please help!! - Tim Newman took out a simple interest loan of $1500 at a ...
- Math Question - Tom Newman took out a simple interest loan of $1,500.00 at 10 ...
- math - Christine took out a 150-day loan for $2000 at 12% simple interest. ...
- Math - The monthly loan payment was calculated at 119 payments of $348.33 plus a...

More Related Questions