Question
Max Wholesaler borrowed $10,000 on a 10%, 120-day note. After 45 days, Max paid $3,500 on the note. Thirty days later, Max paid an additional
Max Wholesaler borrowed $10,000 on a 10%, 120-day note. After 45 days, Max paid $3,500 on the note. Thirty days later, Max paid an additional $3,000. Use ordinary interest. a. Determine the total interest use the U.S. Rule. b. Determine the ending balance due use the U.S. Rule.
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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
7th Edition
0357442040, 978-0357442043
