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A 180-day note was signed on June 11 for $24, 700. The note has a rate of 9.5%, compounded annually. A payment of $6, 000 was made on July 2. Calculate the new balance owed on the principal on July 2. Use the banker's method which uses a 360-day year. O $143.40 O $24, 593.25 O $18, 836.88 O $5, 856.60

A 180-day note was signed on June 11 for $24, 700. The note has a rate of 9.5%, compounded annually. A payment of $6, 000 was made on July 2. Calculate the new balance owed on the principal on July 2. Use the banker's method which uses a 360-day year. O $143.40 O $24, 593.25 O $18, 836.88 O $5, 856.60

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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All Chanyes saveu 11. A 180-day note was signed on June 11 for $24, 700. The note has a rate of 9.5%, compounded annually. A payment of $6, 000 was made on July 2. Calculate the new balance owed on the principal on July 2. Use the banker's method which uses a 360-day year. $143.40 O $24, 593.25 $18, 836.88 O $5, 856.60
Transcribed Image Text:All Chanyes saveu 11. A 180-day note was signed on June 11 for $24, 700. The note has a rate of 9.5%, compounded annually. A payment of $6, 000 was made on July 2. Calculate the new balance owed on the principal on July 2. Use the banker's method which uses a 360-day year. $143.40 O $24, 593.25 $18, 836.88 O $5, 856.60
10. Mitchell purchased a laptop 3 months ago using his credit card. After making a few payments, the unpaid balance on his card is now $648.40.lf he purchases a printer for $219.95 and makes a payment of $300.00 this month, calculate the new unpaid balance. The finance charge on his credit card is 1.65%per month on the unpaid balance. $568.35 $879.05 $579.05 $675.35
Transcribed Image Text:10. Mitchell purchased a laptop 3 months ago using his credit card. After making a few payments, the unpaid balance on his card is now $648.40.lf he purchases a printer for $219.95 and makes a payment of $300.00 this month, calculate the new unpaid balance. The finance charge on his credit card is 1.65%per month on the unpaid balance. $568.35 $879.05 $579.05 $675.35
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