Question
GivenPrincipal $11,000, Interest Rate 12%, Time 240 days (use ordinary interest)Partial payments:On 100th day, $4,600On 180th day, $2,800 a. Use the U.S. Rule to solve
GivenPrincipal $11,000, Interest Rate 12%, Time 240 days (use ordinary interest)Partial payments:On 100th day, $4,600On 180th day, $2,800
a.Use the U.S. Rule to solve for total interest cost.(Use 360 days a year. Do not round intermediate calculations. Roundyour answerto the nearest cent.)
Total interest cost$
b.Use the U.S. Rule to solve forbalances.(Use 360 days a year. Do not round intermediate calculations. Roundyour answerto the nearest cent.)
On 100th dayOn 180th dayBalance after the payment$$
c.Use the U.S. Rule to solve forfinal payment.(Use 360 days a year. Do not round intermediate calculations. Roundyour answerto the nearest cent.)
Final payment$
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Cases in Financial Reporting
Authors: Michael J. Sandretto
1st edition
538476796, 978-0538476799
