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What is the balance due on August using the merchant rule

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Question - On February 4th John borrowed ksh 3,000/= at 11%. He paid ksh 1,000/= on April 21st, ksh 600/= on May 12th and ksh 700/= on June 11th.

Required -

(a) What is the balance due on August 15th using the merchant's rule?

(b) What is the balance due on August 15th declining balance method?

Reference no: EM132618821

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