Given Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th...

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 $

Expert Solution

jeff jeffy answered 1 year ago

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