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A loan of $2500 is taken out at a simple interest rate of 8% per annum. The loan is repaid with two payments: the first
A loan of $2500 is taken out at a simple interest rate of 8% per annum. The loan is repaid with two payments: the first payment of $1024.56 made 30 days after the loan was taken out and the second payment of $1500 made X days after the loan was taken out. (a) Assuming the focal date is the day on which the loan was taken out, find X. (b) What is the balance due in 30 days, just after the first payment? (c) What is the interest due, just before the last payment
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