Calculate the balance you still owe after the payment

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1) You get a $5,000 180-day 11% consumer loan on May 18. Yo make a $2,000 payment on July 18. Calculate the balance you still owe after the payment. Assume a 365 day year.

2) About 2 months ago, you got a $2,000 180 day 13% consumer loan. Today, you made a $1,000 payment, resulting in a balance $1,042.74. Thirty eight days later you pat the loan in full l. Calculate the total amount of that payment. Assume a 365 day year.

3) you open a checking account. You paid 3% interest on the average daily balance, but are charged a $4 monthly charge. Assuming that interest is paid monthly, calculate the average balance you must maintain to offset the $4 monthly charge.

Reference no: EM131878993

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