Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete but not entirely correct 39.70 x Total interest amount b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete but not entirely correct Ending balance due 964.70
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