Henry borrows $1025 at 10.5% simple interest. He makes a partial payment of $195 at the...

Henry borrows $1025 at 10.5% simple interest. He makes a partial payment of $195 at the end of 9 month(s), and a partial payment of $390 at the end of 13 months. Determine the amount required to settle the debt at the end of 19 months using (a) Merchant's Rule and (b) U.S. Rule.

(a) Merchant's Rule: $

(b) U.S. Rule: $

Expert Solution

Colby Messinger answered 2 years ago

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