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calculating business finance

Business & Finance
Tutor: None Selected Time limit: 1 Day

If I have a bank loan balance of $16,495 after 11 months. What was the Pricipal amount and the total interest oweing. the interest rate is 9.3 %
Sep 24th, 2014

Let original amount be X dollars

Interest = x*0.093*11/12=0.08525x

X+0.08525x = 16495

x = 16945/(1.08525) =15613.91 =15614

Principal amount =$15614

Interest = $1331

Sep 24th, 2014

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