Answered: Kent borrowed $6,500 on January 11 at…

Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of $1,000 on February 16, and $1,500 on March 14. Find his payoff amount on April 10, according to the U.S. Rule

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of $1,000 on February 16, and $1,500 on March 14. Find his payoff amount on April 10, according to the U.S. Rule

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