Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she made a partial payment of $5,000. On day 200, she made a second payment of $5,000. On day 250 she made yet a third payment of $2,500. How much did she save in interest by making the payments?
Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she made a partial payment of $5,000. On day 200, she made a second payment of $5,000. On day 250 she made yet a third payment of $2,500. How much did she save in interest by making the payments?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she made a partial payment of $5,000. On day 200, she made a second payment of $5,000. On day 250 she made yet a third payment of $2,500. How much did she save in interest by making the payments?
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