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What is the balance due on August

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Question - On February 4th John borrowed Ksh 3,000/= at 11%. He paid Ksh.1,000/= on April 21st , Ksh 600/= on May 12th and Ksh 700/= on June 11th.

Required -

1. What is the balance due on August 15th using the Merchant's Rule?

2. What is the balance due on August 15th Declining Balance Method.

Reference no: EM132618862

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