A debt of $3000 is due in 4 months and another $5000 is due in 9 months.Instead,it is agreed that a payment of $X,made in 3 months,followed by a payment of $4000 in 10 months,will fully pay off the loan.Using 9 months as the focal date,what is X if the simple interest rate on the loan is r = 10%?
A)$4365.96
B)$3960.06
C)$3896.83
D)$3841.01

Question

Quizplus · Accepted Answer

The Answer of A debt of $3000 is due in 4 months and another $5000 is due in 9 months.Instead,it is agreed that a payment of $X,made in 3 months,followed by a payment of $4000 in 10 months,will fully pay off the loan.Using 9 months as the focal date,what is X if the simple interest rate on the loan is r = 10%?
A)$4365.96
B)$3960.06
C)$3896.83
D)$3841.01

A Debt of $3000 Is Due in 4 Months and Another