Answer to Question #47553 in Finance for Felisia Fitri Anita

Question

On January 1, 2010, Mr. Amat, small traders, wanted to expand the grocery store. For that purpose he borrowed money from a bank ABC is Rp 1,000,000 with interest at 16%. On April 1, 2010, he paid back the loan of Rp 350,000, later on August 1, 2010 he paid Rp 200,000, and on October 1, 2010 amounted to Rp 400,000. How the rest of the payment must he completed on January 1, 2011, if the interest is calculated daily?

Answer 1

On January 1, 2010, Mr. Amat, small traders, wanted to expand the grocery store. For that purpose he borrowed money from a bank ABC is Rp 1,000,000 with interest at 16%. On April 1, 2010, he paid back the loan of Rp 350,000, later on August 1, 2010 he paid Rp 200,000, and on October 1, 2010 amounted to Rp 400,000. How the rest of the payment must he completed on January 1, 2011, if the interest is calculated daily?
In finance, a loan is a debt provided by one entity (organization or individual) to another entity at an interest rate, and evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment.
FV = PV*(1 + i*t)
In our case:
FV = ((1,000,000*(1 + 0.16*90/365) - 350,000)*(1 + 0.16*122/365) - 200,000)*(1 + 0.16*61/365) - 400,000 = Rp 140,397.32 to be repaid on January 1, 2011.