20.03.2023 - 08:19

A demand loan was taken out from the TD Bank at a cost of 9% p.a. The demand loan agreement provided for payments of $1,300 on April 9, 2014, $1,500 on May 5, 2014, and final payment on August 8, 2014. The loan was originally taken out for $3200 on March

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A demand loan was taken out from the TD Bank at a cost of 9% p.a. The demand loan agreement provided for payments of $1,300 on April 9, 2014, $1,500 on May 5, 2014, and final payment on August 8, 2014. The loan was originally taken out for $3200 on March 2, 2014.

1. How much was the outstanding balance of the loan right after the first payment made on April 9, 2014?

2. How much was the outstanding balance of the loan right after the second payment made on May 5, 2014?

3. How much was the final payment on August 8, 2014, to pay out the loan?

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