Before beginning this problem you may want to review the example on the U.S. Rule on M6.9.

James Co. borrowed $1,200 on a 90-day, 11% loan. After 15 days, James paid $200 toward the loan. James made an additional payment of $150, 40 days later. Determine the numbers to answer the questions in the table. Use ordinary interest.

1. Adjusted Balance (after 15 days)

2. Adjusted Balance (after 40 additional days)

3. Final Balance (at day 90)

4. Total Interest Payment