Question
Max Wholesaler borrowed $2,500 on a 7%, 120-day note. After 45 days, Max paid $875 on the note. Thirty days later, Max paid an additional
Max Wholesaler borrowed $2,500 on a 7%, 120-day note. After 45 days, Max paid $875 on the note. Thirty days later, Max paid an additional $750. Use ordinary interest.
a. Determine the total interest using the U.S. Rule.
b. Determine the ending balance due using the U.S. Rule.
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Financial Algebra advanced algebra with financial applications
Authors: Robert K. Gerver
1st edition
978-1285444857, 128544485X, 978-0357229101, 035722910X, 978-0538449670
