See an attachment for details General accounting question not need ai solution Tom Green borrowed $8,000 on an 8% annualinterest, 180-day note. Tom paid $400 toward thenote on day 60. On day 120, Tom paid an additional$300.Using the U.S. Rule, Tom's adjusted balance after hisfirst payment is $

Step 1: Define U.S. Rule for Adjusted BalanceThe U.S. Rule method involves adjusting the loan…

Answered: Tom Green borrowed $8,000 on an 8%…

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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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
Sandra Gloy borrowed $5,000 on a 120-day 5% note. Sandra paid $500 toward the note on day 40. On day 90 she paid an additional $500. Using the U.S. Rule, her adjusted balance after the first payment is: Multiple Choice $4,500.00 $4,972.22 $4,527.40
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?
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
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
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.
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.
Kent borrowed $6,500 on Jan. 11 at 12.5% exact interest. He made payments of $1,000 on Feb 16, and $1,500 on March 14th. Find his payoff amount on April 10th, according to the U.S. rule.
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
James Co. borrowed $1,200 on a 90-day, 11% note. After 15 days, James paid $200 toward the note. James made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest.
Berry signed a $5000 , 75 day, 15% ordinary simple interest note on March 14. He made a partial payment of $2500 on april 12;. Find his payoff amount on the maturity date of the note according to the us rule

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Tom Green borrowed $8,000 on an 8% annual interest, 180-day note. Tom paid $400 toward the note on day 60. On day 120, Tom paid an additional $300. Using the U.S. Rule, Tom's adjusted balance after his first payment is $