Given Principal: $13,500, 9%, 240 days Partial payments: On 100th day, $3,800 On 180th day, $2,500 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round answer to the nearest cent.) Total interest cost

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
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Given
Principal: $13,500, 9%, 240 days
Partial payments: On 100th day, $3,800
On 180th day, $2,500
a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your
answer to the nearest cent.)
Total interest cost
b. Use the U.S. Rule to solve for principal balances. (Use 360 days a year. Do not round intermediate calculations. Round your
answers to the nearest cent.)
Balance after the payment
On 100th day
On 180th day
Transcribed Image Text:Given Principal: $13,500, 9%, 240 days Partial payments: On 100th day, $3,800 On 180th day, $2,500 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost b. Use the U.S. Rule to solve for principal balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) Balance after the payment On 100th day On 180th day
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