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You get a $5,000.00, 180-day, 11% consumer loan on May 18, 2012. You make a $2,000.00 payment on July 18, 2012. Calculate the balance you

You get a $5,000.00, 180-day, 11% consumer loan on May 18, 2012. You make a $2,000.00 payment on July 18, 2012. Calculate the balance you still owe after the payment.

step 1. Calculate the number of days

step 2. calculate the interest portion of the payment

step 3. calculate the principal portion of the payment

step 4. calculate the new balance (amount still owed)

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