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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 -

    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.

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