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March 26, 2017

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you take out a loan for $20,000 simple interest loan at 4% on August 21 and in 45 days you pay off $8,000 of the loan. What is your new principal?

  • business math - ,

    P = Po + Po(0.04/360)*45
    20000 + 20000(0.04/360)*45 = $20,100 after 45 days.

    Bal. = 20100-8000 = $12,100

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