Principal $10,000, Interest Rate 89%, Time 240 days (use ordinary interest)Partial payments: On 100th day, $4,000On 180th day, $2,000a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)Total interest cost $b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)On 100th day On 180th dayBalance after the payment $c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)Final payment $

When a partial payment is paid, the amount of payment will first reduce the interest obligations and…

Answered: Principal $10,000, Interest Rate 89%,…

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

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Given Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $3,800; On 180th day, $2,500 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost c b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. Balance after the payment Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
Given Principal $18,000, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $7,600 On 180th day, $4,300 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost Balance after the payment $ b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. 768.52 Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. |
Given Principal $ 13,000, Interest 5%, Time 240 days (use ordinary interest) Partial Payments: On 100th day, $ 6,800 On 180th day, $ 3,900 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total Interest Cost b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the Payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final Payment
Given Principal $21, 000, Interest Rate 11%, Time 240 days (use ordinary interest) On 100th day, $8,000 On 180th day, $4,500 Partial payments: a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost %24 b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) es On 100th day On 180th day Balance after the payment 24 %24 c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment $4 hp
Given Principal $21, 000, Interest Rate 11%, Time 240 days (use ordinary interest) On 100th day, $8,000 On 180th day, $4,500 Partial payments: a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost %24 b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) On 100th day On 180th day Balance after the payment 2$ 24 c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment %24 5 of 14 Next > < Prev
a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. Balance after the payment On 100th day Final payment On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. 5001 T 200
Given Principal: $8,000, 7%, 240 days Partial payments: On 100th day, $3,400 On 180th day, $2,300 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost b. Use the U.S. Rule to solve for principal balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) Balance after the payment On 100th day Final payment On 180th day c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
Given Principal $10,000, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the U.S. Rule to solve for total interest cost
Given: 11% 120day $7,000 Note Partial Payments: Day 30 $900 Day 90 $1,200 Find the adjusted balance (principal) using the U.S. Rule (360 day) after the first payment. (Round your answer to the nearest cent.)
A $51,000 loan at 9.6% compounded semiannually is to be repaid by semiannual payments of $3,900 (except for a smaller final payment). (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. What will be the principal component of the sixteenth payment? Principal $ b. What will be the interest portion of the fifth payment? Interest $ c. How much will Payments 8 to 14 inclusive reduce the principal balance? Principal reduction $ d. How much interest will be paid in the fifth year? Interest paid $ e. What will be the final payment? Final payment $
Given: an 11% 120-day $9,000 note. Find the adjusted balance (principal) using the U.S. Rule (360 days) after the first payment on the 65th day of $1,000. (Round your answer to the nearest cent.)
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

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