6. A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November 19, and $350 on January 9. If the rate of interest...

6. A loan of $2500 is taken out on May 12. It is to<br>be paid back within a 1-year period with partial<br>payments of $1000 on August 26, $40 on<br>November 19, and $350 on January 9. If the rate<br>of interest is 8%, what is the final balance due<br>on March 20 by the Declining Balance Method?<br>By the Merchant's Rule?<br>Discount Dat-<br>

Extracted text: 6. A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November 19, and $350 on January 9. If the rate of interest is 8%, what is the final balance due on March 20 by the Declining Balance Method? By the Merchant's Rule? Discount Dat-

Jun 09, 2022

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6. A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November 19, and $350 on January 9. If the rate of interest...

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