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Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional
Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional $6,300. 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 | $ |
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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