Question
Max Wholesaler borrowed $13,500 on a 11%, 120-day note. After 45 days, Max paid $4,725 on the note. Thirty days later, Max paid an additional
Max Wholesaler borrowed $13,500 on a 11%, 120-day note. After 45 days, Max paid $4,725 on the note. Thirty days later, Max paid an additional $4,050. Use ordinary interest.
a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount $
b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due $
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