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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 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
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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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
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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