Shel Katz bought a $6,000 desk at Furniture.com. Based on her income, Shel could only afford to pay back $600 per month. The charge on the unpaid balance is 2% each month. The U.S. Rule is used in the calculation. Calculate the balance outstanding at the end of month 2.

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
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Shel Katz bought a $6,000 desk at Furniture.com. Based on her income, Shel could only afford to pay back $600 per month. The charge on the unpaid balance is 2% each month. The U.S. Rule is used in the calculation. Calculate the balance outstanding at the end of month 2. 

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