Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given Principal $10,000, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the

image text in transcribed

Given Principal $10,000, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions

Question

What is manipulation of contract? give an example.

Answered: 1 week ago