Suppose you take out a loan for 160 days in the amount of $12,000 at 7% ordinary interest. After 40 days, you make a partial payment of $1,500. After another 60 days, you make a second partial payment of $4,000. What is the final amount (in $) due on the loan? (Round your answer to the nearest cent.)
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Suppose you take out a loan for 160 days in the amount of $12,000 at 7% ordinary interest. After 40 days, you make a partial payment of $1,500. After another 60 days, you make a second partial payment of $4,000. What is the final amount (in $) due on the loan? (Round your answer to the nearest cent.)
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