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Given Principal: $12,500, 5%, 240 days Partial payments: On 100th day, $5,000 On 180th day, $3,000 a. Use the U.S. Rule to solve for total
Given | Principal: $12,500, 5%, 240 days | |
Partial payments: | On 100th day, $5,000 | |
On 180th day, $3,000 |
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 answer 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 | $ |
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