Provide correct answer general Accounting Sue Copper borrowed $6,000 on an 1114%. 120-day note. Suepaid $300 toward the note on day 50. On day 90, Sue paid anadditional $200.Using the U.S. Rule, Sue's adjusted balance after her firstpayment is $

Problem Information:Principal: $6,000Interest rate: 11 1/4% = 11.25% = 0.1125 (annual rate)Loan…

Answered: Sue Copper borrowed $6,000 on an 1114%.…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 10DQ

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Christina Hercher borrowed $50,000 on a 90-day 8% note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is: Multiple Choice $49,555.56 $444.44 $47,444.44
Janet baker owes $108000 on a 10%, 130-day note. On fay 75 she pays $32, 400 on the note. On day 120, she pays an additional $37, 800. Based on the U.S rule calculate the following. Adjusted balance after the first payment. Adjusted balance after the second payment. Balance at maturity.
Jim Murphy borrowed $30,000 on a 120-day 14% note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is: Multiple Choice $25,000 $28,891.67 $1,108.33
Rebecca signed a $6,000, 120-day, 14% exact simple interest note on May 6. She made partial payments of $1,000 on June 4, and $2,000 on July 3. Find her payoff amount on the maturity date of the note, according to the U.S. Rule.
Donald Foster owes $68,400 on an 8%, 140-day note. On day 15, he pays $17,100 on the note. On day 70, he pays an additional $23,940. Based on the U.S. Rule, calculate the following. (Use a 360-day year, and round all answers to the nearest cent.) 1. Adjusted balance after the first payment: 2. Adjusted balance after the second payment: 3. Balance at maturity: X
Jonas borrowed $8,000 on a 60-day 10% note. Jonas paid $4,000 toward the note on day 40. On day 50, he paid an additional $3,000. Using the U.S. Rule, Jonas's adjusted balance after the first payment is: Multiple Choice $3,250.22 $4,000 $88.89 $4,088.89 None of these
Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?
Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
Aniya borrowed 82,000 0n a 120-day 4% Note. after 50 days, Aniya made an initial payment of 40,000. On day 90, Aniya made an additional payment of 25,000. Assuming the U.S rule , what is the adjusted balance after the second payment? Use exact days.
Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. 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 $37,000 on a 150-day, 10% note. After 70 days, Shawn paid $4,000 on the note. On day 101, Shawn paid an additional $6,000. 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. rch Ending balance due BM men ********* Go to 35°F Cl
Shawn Bixby borrowed $17,000 on a 120-day, 12% note. After 65 days, Shawn paid $2,000 on the note. On day 89, Shawn paid an additional $4,000. Use ordinary interest. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent.

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Sue Copper borrowed $6,000 on an 1114%. 120-day note. Sue paid $300 toward the note on day 50. On day 90, Sue paid an additional $200. Using the U.S. Rule, Sue's adjusted balance after her first payment is $