Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. George borrowed N$6000 on the 4th February 2023 at a simple interest rate of 12% per annum. He paid N$2000 on the 21 st
4. George borrowed N$6000 on the 4th February 2023 at a simple interest rate of 12% per annum. He paid N$2000 on the 21 st April of the same year, N\$1 200 on the 12th May of the same year and N\$1 400 on the 11th June of the same year. What was the balance due on the 15th August of the same year if payments were subject to the same simple interest as the original debt. [6]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started