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

Question 86

Multiple Choice

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

Correct Answer:

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