Question

Given	Principal $12,000, Interest Rate 10%, Time 240 days (use ordinary interest)
	Partial payments:	On 100th day, $4,200
		On 180th day, $2,600

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.)

b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.)

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.)

The partial payments are to the right. On the 100th and 180th day.

The value as said on my ORIGINAL post if you scroll to the RIGHT at the TOP is on the 100th day $4,200 and on the 180th day $2,600

—this is all the information I was given*

Answer 1

a

Particulars	Amount
Principal	12,000.00
Add: interest for 100 days	333.33
Due	12,333.33
Less: payment	(4,200.00)
Balance	8,133.33
Add: interest for next 80 days	180.74
Due	8,314.07
Less: payment	(2,600.00)
Balance	5,714.07
Add: interest for last 60 days	95.23
Due	5,809.31
Total interest	609.31

b

Particulars	Amount
Principal	12,000.00
Add: interest for 100 days	333.33
Due	12,333.33
Less: payment	(4,200.00)
Balance after 100 days	8,133.33
Add: interest for next 80 days	180.74
Due	8,314.07
Less: payment	(2,600.00)
Balance after 180 days	5,714.07
Add: interest for last 60 days	95.23
Due final	5,809.31
Total interest	609.31

c

Final payment is 5809.31