Question
Given Principal: $20,000, 10%, 240 days Partial payments:On 100th day, $7,800 On 180th day, $4,400 a. Use the U.S. Rule to solve for total interest
Given Principal: $20,000, 10%, 240 days
Partial payments:On 100th day, $7,800
On 180th day, $4,400
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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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
6th edition
1305968352, 978-1337635653, 978-1305968356
