Aarthi borrowed $18,500 at 5%p.a from her father tostart her software business. at the end of 3 months she paid him $5,000 and $6,000 at the end of 8 months. how much would she have to pay him at the end of 16 months to clear the balance? pleas answer!

interest for 3 months = 18500(.05)(3/12) = 231.25

actual reduction of debt = 5000 - 231.25 = 4768.75

Balance after 3 months = 13731.25

interest on next 5 months = 13731.25(.05)(5/12) = 286.07
actual reduction of debt with a 6000 payment = 5713.93

balance after 8 months = 8017.32

interest for the next 8 months = 8017.32(.05)(8/12) = 267.24

final payment at month 16 is 8017.32 + 267.24 = 8284.56

To solve this problem, we need to calculate the remaining balance after the first two payments and then determine the amount Aarthi needs to pay at the end of 16 months to clear that balance.

Let's break down the problem step by step:

1. Calculate the interest for 3 months on the borrowed amount.
Interest for 3 months = (Principal × Rate × Time) / 12
Interest for 3 months = (18500 × 5/100 × 3) / 12

2. Calculate the remaining balance after 3 months.
Remaining balance = Principal + Interest for 3 months - Payment after 3 months
Remaining balance = 18500 + (18500 × 5/100 × 3) / 12 - 5000

3. Calculate the interest for the next 5 months on the remaining balance.
Interest for 5 months = (Remaining balance × Rate × Time) / 12
Interest for 5 months = (Remaining balance × 5/100 × 5) / 12

4. Calculate the remaining balance after 8 months.
Remaining balance = Remaining balance + Interest for 5 months - Payment after 8 months
Remaining balance = Remaining balance + (Remaining balance × 5/100 × 5) / 12 - 6000

5. Calculate the interest for the next 8 months on the remaining balance.
Interest for 8 months = (Remaining balance × Rate × Time) / 12
Interest for 8 months = (Remaining balance × 5/100 × 8) / 12

6. Calculate the remaining balance after 16 months.
Remaining balance = Remaining balance + Interest for 8 months
Remaining balance = Remaining balance + (Remaining balance × 5/100 × 8) / 12

Now you can calculate the final amount Aarthi needs to pay her father at the end of 16 months by adding the remaining balance to the interest:

Total payment = Remaining balance + Interest for 8 months

Please note that the calculations might involve rounding off to two decimal places depending on the specific requirements.