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Max wholesaler borrowed $3,000 on a 8%, 120-day note. After 45 days, Max paid $1,050 on the note. Thirty days later, Max paid an additional
Max wholesaler borrowed $3,000 on a 8%, 120-day note. After 45 days, Max paid $1,050 on the note. Thirty days later, Max paid an additional $900. 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.) 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.) Ending balance due Max wholesaler borrowed $3,000 on a 8%, 120-day note. After 45 days, Max paid $1,050 on the note. Thirty days later, Max paid an additional $900. 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.) 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.) Ending balance due
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