# Math

A woman borrows \$1,000 on 1 January 2002 at 16% per annum simple interest. She pays \$350 on 12 April 2002, \$200 on 10 August 2002 and \$400 on 3 October 2002. What is the balance due on 1 January 2003?

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1. P = Po + Po*r*t = 1000 + 1000*0.16*1 = \$1,160,
1160 - (350 + 200 + 400) = \$210 Due on 1 Jan. 2003.

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