Shawn Bixby borrowed $20,000 on a 210-day, 14% note. After 85 days, Shawn paid $2,300 on the note. On day 130, Shawn paid an additional $4,300. Use ordinary interest. 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 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

Shawn Bixby borrowed $20,000 on a 210-day, 14% note. After 85 days, Shawn paid $2,300 on the note. On day 130, Shawn paid an additional $4,300. Use ordinary interest. 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 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

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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