Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given Principal $20,000, Interest Rate 10%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $7,800; On 180th day, $4,400 a. Use the
Given Principal $20,000, Interest Rate 10%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $7,800; On 180th day, $4,400 a. Use the U.S. Rule to solve for total interest cost. Note: 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. Note: 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. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Final payment Complete the following, using exact interest. (Use Days in a year table.) Note: Do not round intermediate calculations.Round the "Interest" and "Maturity value" to the nearest cent. Answer is not complete. Principal $ 1,800 Interest rate 7% Date borrowed Date repaid Exact time Interest Maturity value May 9 August 14 97
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started