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Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. Use ordinary interest. a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due

Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. Use ordinary interest. a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. Use ordinary interest. a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due
Transcribed Image Text:Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. Use ordinary interest. a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Total interest amount b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.) Ending balance due
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