Shawn Bixby borrowed $18,000 on a 150-day, 11% note. After 60 days, Shawn paid $2,100 on the note. On day 90, Shawn paid an additional $4,100. Use ordinary interest. Required: 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 $ 703,89 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 12584.99
Shawn Bixby borrowed $18,000 on a 150-day, 11% note. After 60 days, Shawn paid $2,100 on the note. On day 90, Shawn paid an additional $4,100. Use ordinary interest. Required: 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 $ 703,89 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 12584.99
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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Nikul
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![Shawn Bixby borrowed $18,000 on a 150-day, 11% note. After 60 days, Shawn paid $2,100 on the note. On day 90, Shawn paid an
additional $4,100. Use ordinary interest.
Required:
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
$ 703.89
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
12504.99](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ebcfae2-6886-44cc-969b-0afc9ec67f49%2Ff954134b-be69-4681-b6c4-f6c99372c847%2F2ijrqft_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Shawn Bixby borrowed $18,000 on a 150-day, 11% note. After 60 days, Shawn paid $2,100 on the note. On day 90, Shawn paid an
additional $4,100. Use ordinary interest.
Required:
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
$ 703.89
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
12504.99
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