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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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