Unit 3 MML Graded Practice

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

raul fletes borrowed $10000 on a 210-day note that required ordinary interest at 10.32%. Raul paid $5000 on the note on 140th day.  How much interest did he save by making the partial payment?

Oct 3rd, 2015

Thank you for the opportunity to help you with your question! IF you have any clarification, please don't hesitate to ask and I will do my best to answer. ++++++++++++

Interest that would have been paid without the advance payment = $10000 x 10.32% x 210 / 360 = $602

Interest that will be laid with the advance payment =  $5000 x 10.32% x 210 / 360 + $5000 x 10.32% x 140 / 360 = $301 + $200.67 = $501.37

Interest saved = $602 - $500.67 = $100.33

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 19th, 2015


Sep 19th, 2015
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Sep 19th, 2015

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