math

posted by .

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!

  • math -

    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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    Envision that you have served as business manager of Media World for over 2 years. You have noticed that for the last 12 months the business has regularly had cash assets of $20,000 or more at the end of each month. You have found …
  2. math

    Paul borrowed $2,000 for four months at an annual interest rate of 10.25%. How much must he repay at the end of four months?
  3. Math

    1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that pays 11.5% simple interest. …
  4. Business Analysis

    Barney Casey borrowed $40,000 from his parents for 2 years. He paid them a total of $45,000 at the end of the 2-year term of the simple interest loan. What rate of interest did he pay his parents?
  5. business math

    Dick Hercher borrowed $7,000 to travel to London. His loan is to be paid in 48months monthly installments of $190. at the end of 14 months, Dick ddecides to pay off his loan. What is the final payoff Dick will make?
  6. math for business and finance

    dick hercher borrowed $7,000 to travel to london. his loan is to be paid in 48 monthly installments of $190. at the end of 14 months, dick decides to pay off his loan. what is the final payoff dick will make?
  7. finance

    I need help bad. You have been running your small business, Craft’s Boat Shop, for several years now and have been very successful.  You have come to the point where you expect sales to increase next year and want to be sure that …
  8. Financial Mathematics

    The Z Corporation needs $180,000 in 60 months. If they deposit $2,000 per month for the first 20 months, $2,500 for the next 20 months, and $2,000 + R for the last 20 months, what is R if they can invest at 7%(12)?
  9. Equivalent Payments

    Belinda borrowed $20,500 at simple interest rate of 4.30% p.a. from her parents to start a business. At the end of 3 months, she paid them $7,100 and $6,900 at the end of 8 months. How much would she have to pay them at the end of …
  10. Math

    Belinda borrowed $20,500 at simple interest rate of 4.30% p.a. from her parents to start a business. At the end of 3 months, she paid them $7,100 and $6,900 at the end of 8 months. How much would she have to pay them at the end of …

More Similar Questions