In: Finance
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. (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
$