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Math Help - Engineering economy - exact and simple interest Q2

  1. #1
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    Exclamation Engineering economy - exact and simple interest Q2

    A man borrows US6,400 from a loan association.In repaying this debt he has to pay US400 at the end of every 3 months on the principal and a simple interest of 16% on the principal outstanding at the time.Determine the total amount he has paid after paying all his debt.
    Last edited by mj.alawami; September 22nd 2010 at 09:00 AM. Reason: Question was incomplete.
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  2. #2
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    There seems to be some information missing here. Either the term or the rate.
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