You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment? Assume an exact year.
Judging from the large number of questions you've posted without any indication of your ideas, it looks like you're not learning anything in this class.
Please post your attempts or ideas about how to solve these.
I have tried every single problem and got inaccurate answers. Just trying to make sure if they're right or not.
Please post what you've done that produced inaccurate answers. We can point out where you've going wrong.
To calculate your remaining balance after making the payment, we need to consider the interest accrued on the loan during the period between May 2 and June 15.
First, let's determine the time elapsed between these two dates. May 2nd to June 15th is a total of 44 days.
Next, let's calculate the interest accrued during this period. The interest on the loan is 4% per year, which means the interest rate per day is 4% divided by 365 days (assuming a non-leap year). Therefore, the daily interest rate is 0.01% (4% divided by 365).
To calculate the interest accrued during the 44 days, we multiply the remaining balance by the daily interest rate and then multiply by 44:
Interest accrued = $5,000 * (0.01% daily interest rate) * 44 days
Now, subtract the interest accrued from the original loan amount to get the remaining balance:
Remaining balance = Original loan amount - Interest accrued
Let's calculate the values:
Daily interest rate = 4% / 365 = 0.01%
Interest accrued = $5,000 * 0.0001 * 44 = $22
Remaining balance = $5,000 - $22 = $4,978
Therefore, your remaining balance after making the payment is $4,978.