Here's the question you clicked on:
RaphaelFilgueiras
jhon has a debt of $35000 the payment day is in 16 months,he pretend to pay $12000 at the end of 158 days,and $13000 189 days after the first payment,how much he has to pay in payment day to discharge from debt?the interest rate is 50% in a year.(simple interest)
the answer in book is $2231.95
50% in year .. 50/360% per day ... perhaps this is step problem.
my ans is 28715.69
a = 35k + 35k*0.5/360 * 158 - 12k b = a + a*0.5/360 * 189 - 13k c = b + a*0.5/360 * (16*30 - 159 - 158) ans
i think the answ is wrong too.
for me that $2231.95 is impossible
http://www.wolframalpha.com/input/?i=25734%2B25734*0.5%2F360*%2816*30-189-158%29
but in second line you did not use simple interest
oh ... on which line?
when you calculate b
oh ... that's because you already paid off 12k ... if you have to pay again interest of 12k then it would be unfair .... is it like fixed deposit loan or what??
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@experimentX the answer in book is rigth