Given Principal $14,500, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $5,600 On 180th day, $3,300 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.) Solve for Total Interest Cost: b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Solve for Final Payment:
Given Principal $14,500, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $5,600 On 180th day, $3,300 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.) Solve for Total Interest Cost: b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Solve for Final Payment:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| Given | Principal $14,500, Interest Rate 8%, Time 240 days (use ordinary interest) | |
| Partial payments: | On 100th day, $5,600 | |
| On 180th day, $3,300 |
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.)
Solve for Total Interest Cost:
b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.)
|
c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
Solve for Final Payment:
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