In: Finance
An amount of $2400 was borrowed at 12% on March 1, 2016.
Payments of $800 were made on May 1st, August 1st, and October 1st.
Determine the amount needed to repay the loan on December 1st
using:
1) the Merchant's Rule AND 2) the U.S. Rule.
Really looking for help on how to compute them and the formulas
required. Thanks!