# Math

posted by kk

1. Rishi ram obtained an installment loan for \$3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is \$516.50. What is the APR?

2. Tim Newman took out a simple interest loan of \$1500 at a 10 percent interest for 12 months. After 4 payments, the balance is \$1100. He pays off the loan when the next payment is due. What is the interest?

3. Lincoln cook has a check for \$667.50 and a check for \$126.50. he also has \$482 in cash. He would like to receive \$25 in cash and deposit the rest of the money into his bank account. What is the total deposit?

1. Henry

1. I = P - Po = 516.50*6 - 3000 = \$99.
I = 99/0.5yr = \$198/yr.

APR = (198/3000) * 100 = 6.6%

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