Calculate Simple Interest For Small Debt

Question

Allan owes value furniture $1600, which is scheduled be paid on august 15. Allan has a surplus of funds on June 15 and will settle the early if Value Furniture will make an adjustment reflecting the current short term simple interest rate should be of 7.25%. What amount should be acceptable to both parties?

Summary

The question belongs to Mathematics and it discusses about calculation of simple interest rate for a short period of time.

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