Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the note. On day 50, Comet paid $4,000 on the note. What are the total interest and ending balance due by the U.S. Rule? Use ordinary interest. (Use 360 days. Do not round the denominator in your calculation and round your final answers to the nearest cent.) Total Interest Ending Balance Due

Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the note. On day 50, Comet paid $4,000 on the note. What are the total interest and ending balance due by the U.S. Rule? Use ordinary interest. (Use 360 days. Do not round the denominator in your calculation and round your final answers to the nearest cent.) Total Interest Ending Balance Due

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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