Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The lawyer for a credit union member has sent a cheque for $3795.06 in full settlement of the member's loan balance including simple interest at

image text in transcribed
The lawyer for a credit union member has sent a cheque for $3795.06 in full settlement of the member's loan balance including simple interest at 332% for 5 months. How much of the payment is interest? The amount of the payment that is interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Derivative Products And Pricing The Das Swaps And Financial Derivatives Library

Authors: Satyajit Das

1st Edition

0470821647, 9780470821640

More Books

Students also viewed these Finance questions

Question

17. Verify that the gamma density function integrates to 1.

Answered: 1 week ago