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Given Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $3,800 On 180th day, $2,500 a. Use the
Given | Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) | |
Partial payments: | On 100th day, $3,800 | |
On 180th day, $2,500 |
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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