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Lucky Champ owes $201.45 interest on a 6% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant,
Lucky Champ owes $201.45 interest on a 6% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant, Lucky's Pub and Grub. The loan is due on August 17. What is the principal? (Use Days in a year table.) Note: Use 360 days a year. Do not round intermediate calculations. Shawn Bixby borrowed $22,000 on a 150 -day, 13% note. After 75 days, Shawn paid $2,500 on the note. On day 106 , Shawn paid an additional $4,500. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent
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