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?

  1. 👍
  2. 👎
  3. 👁
  1. P = Po + Po*r*t = 1000 + 1000*0.16*1 = $1,160,
    1160 - (350 + 200 + 400) = $210 Due on 1 Jan. 2003.

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. College alerbra

    Scott invested a total of $9500 at two separate banks. One bank pays simple interest of 11% per year while the other pays simple interest at a rate of 9% per year. If Scott earned $973.00 in interest during a single year, how much

  2. Math

    What is the simple interest on Rs.4500 from January 5 to May 31 at 8% per annum?

  3. math

    Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If she borrows $15,000, how much interest would she pay for each loan? Which option requires less

  4. Percentage change

    Ethan invested £500 in the bank for 2 years. He earned £40 simple interest in total. What was the simple interest rate per annum?

  1. 10 Pre algebra questions

    Review Directions: Use the interest formula to solve each of the following problems. 1) Cathy borrows $3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends

  2. math

    A person borrowed Rs.20,000 from a bank at a simple interest rate of 12% per annum.In how many years will he owe interest of Rs.3,600?

  3. algebra

    Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest so that the total interest is equal to the

  4. is this correct @oobleck

    2) Ruth borrows $440 at 0.6% simple interest per month. When Ruth pays the loan back 4 years later, how much interest does Ruth pay? p=13112 Rate=0.6 Time=48 months interest=440

  1. math(urgent)

    Mary invested $30,000 in two accounts some at 12% per annum and the rest at 8% per annum. Her total interest for one years was $ 3200.How much was invested at each rate ? solution : $3200=P1 (0.12)(1)+ (3000-P1)(0.08)(1) P1= ? P2=

  2. Maths

    the formula A=(1 + RT/100) gives the total money A, that a principal P amount to T years at R% simple interest per annum. Find the amount that a principal of #850 become if invested for 6 years at 6% simple interest per annum.?

  3. is this correct @oobleck

    Larry borrows $1300 at 5% simple interest per month. When Larry pays the loan back 3 years later, what is the total amount that Larry ends up repaying? i=2340 p=1300 R=0.05 T= 36months

  4. mathematics of investment

    on what day will 8,000 earn 180 interest when invested on April 25, 2002 at 9% simple interest? use ordinary interest and actual time.

You can view more similar questions or ask a new question.