Hii expert please given answer general accounting Mark Smith borrowed $8,000 on a 12% 180-day note. Mark made apayment of $500 on day 60, and another payment of $400 on day 120.Using the U.S. Rule, calculate Mark's adjusted balance after his firstpayment.

Step 1: Define U.S. Rule for Loan PaymentsThe U.S. Rule states that partial payments first cover…

Answered: Mark Smith borrowed $8,000 on a 12%…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 10DQ

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Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
Berry signed a $5000 , 75 day, 15% ordinary simple interest note on March 14. He made a partial payment of $2500 on april 12;. Find his payoff amount on the maturity date of the note according to the us rule
Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?
Janet baker owes $108000 on a 10%, 130-day note. On fay 75 she pays $32, 400 on the note. On day 120, she pays an additional $37, 800. Based on the U.S rule calculate the following. Adjusted balance after the first payment. Adjusted balance after the second payment. Balance at maturity.
Rebecca signed a $6,000, 120-day, 14% exact simple interest note on May 6. She made partial payments of $1,000 on June 4, and $2,000 on July 3. Find her payoff amount on the maturity date of the note, according to the U.S. Rule.
Aniya borrowed 82,000 0n a 120-day 4% Note. after 50 days, Aniya made an initial payment of 40,000. On day 90, Aniya made an additional payment of 25,000. Assuming the U.S rule , what is the adjusted balance after the second payment? Use exact days.
James Co. borrowed $1,200 on a 90-day, 11% note. After 15 days, James paid $200 toward the note. James made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest.
Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is: Multiple Choice $49,555.56 $444.44 $47,444.44
Sandra Gloy borrowed $5,000 on a 120-day 5% note. Sandra paid $500 toward the note on day 40. On day 90 she paid an additional $500. Using the U.S. Rule, her adjusted balance after the first payment is: Multiple Choice $4,500.00 $4,972.22 $4,527.40
Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Max Wholesaler borrowed $3,000 on a 8%, 120-day note. After 45 days, Max paid $1,050 on the note. Thirty days later, Max paid an additional $900. Use ordinary interest. a. Determine the total interest using the U.S. Rule. b. Determine the ending balance due using the U.S. Rule.
Max Wholesaler borrowed $2,000 on a 10%, 120 - day note. After 45 days, Max paid $700 on the note. Thirty days later, Max paid an additional $630. What is the final balance due? Use the U.S. Rule to determine the total interest and ending balance due. Use ordinary interest.

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Mark Smith borrowed $8,000 on a 12% 180-day note. Mark made a payment of $500 on day 60, and another payment of $400 on day 120. Using the U.S. Rule, calculate Mark's adjusted balance after his first payment.