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.

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.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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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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Step 3: Balance after further 30 days or at 75th Day

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