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About 2 months ago, you got a $2,000 180-day 13% consumer loan. Today you made a $1,000 payment, resulting in a balance of $1,042.74. Thirty-eight days later you pay the loan in full. Calculate the total amount of that payment. Assume a 365-day year.

User Fredbaba
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P +I = P +Prt = P(1 +rt)
.. = $1042.74*(1 +0.13*38/365) = $1056.85
User Maritsa
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