Alicia borrowed $8,500 at 6% ordinary interest for 180 days. After 40 days, she made a partial payment of $2,000. After another 70 days, Alicia made a second partial payment of $2,000. What is the final amount due on the loan? (Round to the nearest cent)
A) $4,755.00
B) $4,687.21
C) $4,500.50
D) $4,684.62

Question

Quizplus · Accepted Answer

The final amount due on the loan, after calculating the ordinary interest on the initial amount and subsequent partial payments, and adjusting for the payments made, is $4,687.21.

Alicia Borrowed $8,500 at 6% Ordinary Interest for 180 Days