A Loan of $4000 Is Due in 9 Months with Simple

question 31

Multiple Choice

A loan of $4000 is due in 9 months with simple interest at 8%.The borrower makes partial payments of $150 in 3 months and $2500 in 6 months.Using the declining balance method,what is the balance due in 9 months?

• A)$1508.60
• B)$1534.00
• C)$1538.77
• D)$1540.20

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