Question
Given Principal: $8,500, 5%, 240 days Partial payments: On 100th day, $3,000 On 180th day, $2,100 a. Use the U.S. Rule to solve for total
Given Principal: $8,500, 5%, 240 days Partial payments: On 100th day, $3,000 On 180th day, $2,100
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:
b. Use the U.S. Rule to solve for principal balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.)
100th day:
180th day:
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Ethics In Finance
Authors: John R. Boatright
3rd Edition
1118615824, 978-1118615829
