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You take out a demand loan on February 17th, in a non-leap year, with a local financing company. The ...

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You take out a demand loan on February 17th, in a non-leap year, with a local financing company. The ...

You take out a demand loan on February 17th, in a non-leap year, with a local financing company. The loan is for $4500 at an interest rate of 12.15%. The interest rate rises to 12.75% on March 18th and then goes down to 12.25% on April 29th. You make partial payments of $900 on March 2nd and $1700 on May 14th. The loan is demanded in full on June 21st. What is the size of the final payment?
A) $2063.37
B) $2043.37
C) $2083.37
D) $2036.37
E) $2116.37

Textbook

Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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