I loaned Johnnie $5000.00 to be repaid $250.00 monthly loan past due nothing was every paid / interest rate is 10% what does johnnie owe me loaned year 2010 now it is Oct 2012?
If you wrote this in standard English and reposted it, someone might be able to help you.
Capitalization and punctuation should not be strangers to you.
To calculate the amount Johnnie owes you, we need to consider the principal amount, the interest rate, and the number of months that have passed since the loan was given.
First, let's calculate the interest accrued on the loan. The interest rate is 10%, or 0.10 as a decimal. We need to calculate the interest for each month separately.
For the first year (2011), there are 12 months:
Interest for the first year = Principal amount * Interest rate * Number of months
= $5000 * 0.10 * 12
= $6000
For the second year (2012), considering it is currently October, we calculate interest for 10 months:
Interest for the second year = Principal amount * Interest rate * Number of months
= $5000 * 0.10 * 10
= $5000
Now let's calculate the total interest accrued:
Total interest = Interest for the first year + Interest for the second year
= $6000 + $5000
= $11,000
Next, let's calculate the total amount Johnnie should have paid until now. He was supposed to repay $250 each month for 24 months (2 years):
Total repayments = Monthly repayment amount * Number of months
= $250 * 24
= $6000
Now, to calculate the amount Johnnie owes you, subtract the total repayments from the total interest accrued:
Amount owed = Total interest - Total repayments
= $11,000 - $6000
= $5000
Therefore, Johnnie owes you $5000.