Question
Polly borrowed $5,000 for 60 days at 8%. On day 10, Polly made a $600 partial payment. On day 40, Polly made a $1,900 payment.
Polly borrowed $5,000 for 60 days at 8%. On day 10, Polly made a $600 partial payment. On day 40, Polly made a $1,900 payment. What is Polly's ending balance due under the U.S. Rule (assume ordinary interest as well)
Steps to get to the answer:
Adjusted balance after the first payment:
Adjusted balance after the second payment:
ending balance due:
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Accounting Information For Business Decisions
Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons
2nd Edition
9780170253703
