Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. 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.

Max Wholesaler borrowed $4,500 on a 11%, 120-day note. After 45 days, Max paid $1,575 on the note. Thirty days later, Max paid an additional $1,350. 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.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 4P: Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual...

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