Susan borrowed $18,500 at 5.00% p.a. from her parents to start a business. In 4 months, she repaid $5,300 towards the loan, and in 10 months she repaid $3,800. How much would she have to repay her parents at the end of 13 months to clear the outstanding balance? Use the declining balance method to calculate the last payment.

Susan borrowed $18,500 at 5.00% p.a. from her parents to start a business. In 4 months, she repaid $5,300 towards the loan, and in 10 months she repaid $3,800. How much would she have to repay her parents at the end of 13 months to clear the outstanding balance? Use the declining balance method to calculate the last payment.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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