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An amount of $2400 was borrowed at 12% on March 1, 2016. Payments of $800 were...

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!

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Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 4 months ago
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