Merchant Rule

[Ashna]

A loan of $1400 is due in 1 year at a simple interest rate of 12%. Partial payments of $400 in 2 months, $25 in 6 months, and $700 in 8 months are made
Determine the balance due at the end of the 12 months using the merchant rule
Determine the balance due at the end of the 8 months using the declining balance method

 

[HallsofIvy]

Since this is a math site, not a marketing site, it would help if you would tell us what the "merchant rule" and "declining balance method" are!

 

[firemath]

Also, what have you tried? We can't help you effectively unless you help us see where you problem is!