Posted by **chan** on Saturday, October 15, 2011 at 5:50am.

I have borrowed a sum of $150000 for buying house at 12% simple interest per year at the beginning of a year.The loan has to be repaid by three payment of $10000,$30000 and $X at the end of February, July and November of the same yaer respectively. Find $X.

- QM -
**DrBob222**, Saturday, October 15, 2011 at 8:40pm
I would make three calculations. The math guys probably have a formula that works it all at once.

First payment is 10,000.

Interest for Jan and Feb = 2 months

150,000 x 0.12 x (2/12) = 3,000 interest and we pay 10,000.

Net loan at end of Feb is 150,000+3000-10,000 = 143,000

Continue in this style to find the last payment.

## Answer this Question

## Related Questions

- Maths - Solve the problem. Assume that simple interest is being calculated. ...
- math - Harry borrowed $1,800 for two years at 13% a year under an add-on plan. ...
- Finance - Consider the following scenario: John buys a house for $150,000 and ...
- Finance - Consider the following scenario: John buys a house for $150,000 and ...
- math - gail borrowed $3600 from a bank to buy a washing machine she pays back ...
- 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 ...
- math - how do you find simple interest of something? I have a problem like this...
- math - interest rates - Car loan: 5-yr annual-payment loan with interest rate of...
- Business Finance - Assume a bank loan requires a interest payment of $85 per ...