QM

I have borrowed a sum of $150000 for buying house at 12% simple interest per year at the beginning of a year.The loan has to be repaid by three payment of $10000,$30000 and $X at the end of February, July and November of the same yaer respectively. Find $X.

  1. 👍 0
  2. 👎 0
  3. 👁 62
asked by chan
  1. I would make three calculations. The math guys probably have a formula that works it all at once.
    First payment is 10,000.
    Interest for Jan and Feb = 2 months
    150,000 x 0.12 x (2/12) = 3,000 interest and we pay 10,000.
    Net loan at end of Feb is 150,000+3000-10,000 = 143,000
    Continue in this style to find the last payment.

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    Carlos and Max are buying a house. They have $24000 for a down payment. The house price is $150000. If the interest rate is 8.85% compounded monthly, determine the size of the monthly payments they must make over the next 25 years

    asked by Anonymous on July 27, 2016
  2. Math(simple interest)

    A person borrows two equal sums of money at the time at 5% and 3.75% simple interest respectively & finds that if he repays the former sum a year before the latter the amount paid in each case is the same that is Rs.736. Find the

    asked by Ann on January 8, 2017
  3. math

    1) Carmen borrowed $1,200 for three months at 10.5% interest. How much interest did she pay for the loan? 2)Zack deposited $1,200 in a savings account that paid 7.75% simple interest. What was the balance in his account at the

    asked by kama on January 31, 2017
  4. Algebra II

    Zach borrowed $50,000 to buy a car, put a down payment on a house, and pay for student loans. Some of the money was borrowed at 5%, some at 6% and some at 7%. How much was borrowed at each rate if the annual interest owed was

    asked by Austin on October 7, 2018
  5. lehman

    Investment A clothing company borrows $700,000. Some of the money is borrowed at 8%, some at 9%, and some at 10% simple annual interest. How much is borrowed at each rate when the total annual interest is $60,500 and the amount

    asked by bibi on June 13, 2014
  6. Math

    the principle B is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money,. Assume there are 360 days in a year and round to the nearest cent. P=$4000, r=6.0%and t=6

    asked by Theresa on July 16, 2011
  7. algebra

    an individual has two low interest loans, one at 4% interest and the other at 6% interest. The amount borrowed at 6% is $250 more than the amount borrowed at 4% If the total interest for one year is $165, how much money is

    asked by Ty on June 27, 2011
  8. Math

    Tonya took out a loan to help pay for her house. She borrowed $50,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

    asked by Sanya on April 1, 2013
  9. Math

    Tonya took out a loan to help pay for her house. She borrowed $50,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

    asked by Bill on April 4, 2012
  10. math

    Tonya took out a loan to help pay for her house. She borrowed $60,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

    asked by Anonymous on December 10, 2018

More Similar Questions