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
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
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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
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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 $