Find the adjusted balance (principal) using the U.S. Rule (360 day) after the first payment
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Given: | 11% | 120day | $7,000 Note |
Partial Payments: | Day 30 $900 | ||
Day 90 $1,200 | |||
Find the adjusted balance (principal) using the U.S. Rule (360 day) after the first payment. (Round your answer to the nearest cent.)
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- Given Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $3,800; On 180th day, $2,500 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost c b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. Balance after the payment Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.Given Principal $10,000, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the U.S. Rule to solve for total interest costCash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? a. 12.24% b. 12.00% c. 10.00% d. 12.45%
- Given Principal $18,000, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $7,600 On 180th day, $4,300 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost Balance after the payment $ b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. 768.52 Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. |Given Principal $ 13,000, Interest 5%, Time 240 days (use ordinary interest) Partial Payments: On 100th day, $ 6,800 On 180th day, $ 3,900 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total Interest Cost b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the Payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final PaymentGiven Principal $14,500, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $5,600 On 180th day, $3,300 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Solve for Total Interest Cost: b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Solve for Final Payment:
- Use the United States Rule and/or the Banker's Rule to determine the balance due on the loan at the date of maturity. The effective date is the date the loan was written. A day counting table may be found in the Consumer Mathematics chapter of your textbok. Principal: $12,000.00 Rate: 9.5% Effective Date: March 22 Maturity Date: December 5 Partial Payment Amount: $7,000.00 Partial Payment Due: August 30 O $5,127.99 O $5,478.74 O $5,614.52 O $5,650.87 4Given Principal $21, 000, Interest Rate 11%, Time 240 days (use ordinary interest) On 100th day, $8,000 On 180th day, $4,500 Partial payments: a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost %24 b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) On 100th day On 180th day Balance after the payment 2$ 24 c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment %24 5 of 14 Next > < PrevGiven Principal $21, 000, Interest Rate 11%, Time 240 days (use ordinary interest) On 100th day, $8,000 On 180th day, $4,500 Partial payments: a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost %24 b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) es On 100th day On 180th day Balance after the payment 24 %24 c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment $4 hp
- Apply the United States rule to determine the balance at maturity and the total interest paid if the remainder of the loan is paid at maturity Payment on Loan Length (Days) 170 Day # 68 Principal $14,000 Interest Rate % 11.5 Partial Payment $5740.00 CEITO The total interest paid on the loan is $ (Round the final answer to the nearest cent. Round all intermediate values to the nearest cent) The balance due at maturity is $ (Round the final answer to the nearest cent Round all intermediate values to the nearest cent)Given Principal: $8,000, 7%, 240 days Partial payments: On 100th day, $3,400 On 180th day, $2,300 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost b. Use the U.S. Rule to solve for principal balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) Balance after the payment On 100th day Final payment On 180th day c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)Principal $10,000, Interest Rate 89%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost $ b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) On 100th day On 180th day Balance after the payment $ c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment $