QM- simple interest rate

2011-10-19 2:01 am

Ms.Li has borrowed a sum of $100000 for herself in order to buy a car at 10% simple interest per year at the beginning of a year. The loan has to be repaid by three payments of $25000, $50000 and $X at the end of March, May and October of the same year respectively, What is the value of X?

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回答 (1)

Sau Yu

2011-10-19 3:28 am

✔ 最佳答案

1st repayment on March + interest should be repaid at the end of Oct:
$25,000 + [$25,000 x (31+28+31+30+31+30+31+31+30+31)/365 x 10% = $2,082.192],
2nd repayment on May + interest should be repaid at the end of Oct:
$50,000 + [$50,000 x (31+28+31+30+31+30+31+31+30+31)/365 x 10% = $4,164.384],
3rd repayment on October + interest should be repaid at the end of Oct:
$25,000 + [$25,000 x 31+28+31+30+31+30+31+31+30+31)/365 x 10% = $2,082.192],
therefore total interest should be repaid at the end of Oct is:
$2,082.192 + $4,164.384 + $2,082.192 = $8,328.768

Thus $X should be: $25,000 + $8,328.768 = $33,328.768

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