Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of
$2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5079cf5d-1b45-4393-a2c5-550d00f79362%2Fdf89b07a-c21f-4324-8887-d67004b18807%2Fxw5o4jl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of
$2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
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