Max Wholesaler borrowed $5,000 on a 12%, 120-day note. After 45 days, Max paid $1,750 on...

Max Wholesaler borrowed $5,000 on a 12%, 120-day note. After 45 days, Max paid $1,750 on the note. Thirty days later, Max paid an additional $1,500. Use ordinary interest.

a. Determine the total interest using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.)

Total interest amount $

b. Determine the ending balance due using the U.S. Rule. (Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.)

Ending balance due $

Expert Solution

jeff jeffy answered 1 month ago

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