Jim Young owes 57,600 on a 7%, 140-day note. On day 45, he pays $17,280 on the no On day 60, he pays an additional $23,040. Based on the U.S. Rule, calculate the following. (Use a 360-day year, and round all answers to the nearest cent.) What is the adjusted balance after the first payment? What is the adjusted balance after the second payment? ritur?

Jim Young owes 57,600 on a 7%, 140-day note. On day 45, he pays $17,280 on the no On day 60, he pays an additional $23,040. Based on the U.S. Rule, calculate the following. (Use a 360-day year, and round all answers to the nearest cent.) What is the adjusted balance after the first payment? What is the adjusted balance after the second payment? ritur?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Shawn Bixby borrowed $17,000 on a 120-day, 12% note. After 65 days, Shawn paid $2,000 on the note. On day 89, Shawn paid an additional $4,000. Use ordinary interest. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Rafael Sandino borrowed $23,000 on a 180-day, 11% note. After 80 days, Rafael paid $2,600 on the note. On day 120, Rafael paid an additional $4,600. Assume no further payments were made. Use ordinary interest. a.Determine the total interest paid during the life of the loan; use the U.S. Rule. (Do not round intermediate calculations. Roundyour answer to the nearest cent.) b.Determine the ending balance due (the payoff amount); use the U.S. Rule. (Do not round intermediate calculations. Roundyour answer to the nearest cent.)
James Co. borrowed $1,200 on a 90-day, 11% note. After 15 days, James paid $200 toward the note. James made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest.
Max Wholesaler borrowed $13,000 on a 10%, 120-day note. After 45 days, Max paid $4,550 on the note. Thirty days later, Max paid an additional $3,900. Use ordinary interest. a. Determine the total interest using the U.S. Rule. Note: 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. Note: Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent. Ending balance due
Shawn Bixby borrowed $37,000 on a 150-day, 10% note. After 70 days, Shawn paid $4,000 on the note. On day 101, Shawn paid an additional $6,000. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. rch Ending balance due BM men ********* Go to 35°F Cl
Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Aniya borrowed 82,000 0n a 120-day 4% Note. after 50 days, Aniya made an initial payment of 40,000. On day 90, Aniya made an additional payment of 25,000. Assuming the U.S rule , what is the adjusted balance after the second payment? Use exact days.
Berry signed a $5000 , 75 day, 15% ordinary simple interest note on March 14. He made a partial payment of $2500 on april 12;. Find his payoff amount on the maturity date of the note according to the us rule
nt Shawn Bixby borrowed $25,000 on a 120-day, 15% note. After 60 days, Shawn paid $2,800 on the note. On day 96, Shawn paid an additional $4,800. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?
One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $690 per month. You will charge 1.09 percent per month interest on the overdue balance. If the current balance is $14,910, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS