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club a/c help?

  • 06-02-2006 7:28pm
    #1
    willowmegs
    Closed Accounts Posts: 218 ✭✭


    heya, how do u get the interest paid in the loan?

    in my book it says "repayment of 16,000 loan on 31/12/2009 with 1 and a half years interest = 18,400"

    now it says in the solution in my book
    that the interest payable was 2,400 (i got that)
    but interest due is 800, and i dont know where that 800 came from. (it doesnt explain it in my book and i cant remember how you get it)

    just thought i'd put this up here on the chance somebody could help.


Comments

  • #2
    mel(",)
    Closed Accounts Posts: 84 ✭✭mel(",)


    you divide by how many months intrest was earned...i think

    u get how much ya receive and how much is due to ya(earned-received)


  • #3
    willowmegs
    Closed Accounts Posts: 218 ✭✭willowmegs


    ok ,thanks mel ill try that!


  • #4
    RefulgentGnomon
    Registered Users, Registered Users 2 Posts: 354 ✭✭RefulgentGnomon


    If the interest for one and a half years was 2,400:
    Therefore the interest for one year = (1/1.5) x 2400
    =1600
    That leaves 800.


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