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