Principal $9,000, Interest Rate 6%, Time 240 days (use ordinary interest) On 100th day, $3,200 On 180th day, $2,200 Given Partial payments: 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.) O Answer is complete and correct. Total interest cost 267.63 O 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.) Answer is complete but not entirely correct. On 100th day On 180th day Balance after the payment 5,950.00 6,029.32 8 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.) Answer is complete and correct. Final payment 3,867.63

Principal $9,000, Interest Rate 6%, Time 240 days (use ordinary interest) On 100th day, $3,200 On 180th day, $2,200 Given Partial payments: 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.) O Answer is complete and correct. Total interest cost 267.63 O 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.) Answer is complete but not entirely correct. On 100th day On 180th day Balance after the payment 5,950.00 6,029.32 8 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.) Answer is complete and correct. Final payment 3,867.63

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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