Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.1% ordinary interest if a partial payment of $6,000 is made on the 60th day of the loan. Click the icon to view the table of the sequential numbers for dates of the year. The adjusted balance due an maturity is $ (Round to the nearest cent as needed.)
Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.1% ordinary interest if a partial payment of $6,000 is made on the 60th day of the loan. Click the icon to view the table of the sequential numbers for dates of the year. The adjusted balance due an maturity is $ (Round to the nearest cent as needed.)
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
Problem 1PS
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Just as a heads up in the question it mentions ordinary interest, ordinary interest is 360 days instead of the full 365 days a year
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Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.1% ordinary interest if a partial payment of $6,000 is made on the 60th day of the loan.
Click the icon to view the table of the sequential numbers for dates of the year.
The adjusted balance due an maturity is S
(Round to the nearest cent as needed.)
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