Principal $10,000, Interest Rate 89%, Time 240 days (use ordinary interest)Partial payments: On 100th day, $4,000On 180th day, $2,000a. 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.)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 answer to the nearest cent.)On 100th day On 180th dayBalance 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.)Final payment $

When a partial payment is paid, the amount of payment will first reduce the interest obligations and…

Answered: Principal $10,000, Interest Rate 89%,…

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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