The Continental Bank made a loan of $21,000.00 on March 27 to Dr Hirsch to purchase equipment for her office. The loan was secured by a demand loan subject to a variable rate of interest that was 5% on March 27 The rate of interest was raised to 5 35% effective July 1 and to 5.6% effective September 1. Dr Hirsch made partial payments on the loan as follows: $1000 on May 13, $900 on June 28, and $200 on October 8. Each payment is first applied to any accumulated interest. Any remainder is then used to reduce the outstanding principal. The terms of the note require payment on October 31 of any interest not paid off by partial payments. How much must Dr. Hirsch pay on October 31? Question: Dr. Hirsch must pay $ on October 31 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed) GETTIS
The Continental Bank made a loan of $21,000.00 on March 27 to Dr Hirsch to purchase equipment for her office. The loan was secured by a demand loan subject to a variable rate of interest that was 5% on March 27 The rate of interest was raised to 5 35% effective July 1 and to 5.6% effective September 1. Dr Hirsch made partial payments on the loan as follows: $1000 on May 13, $900 on June 28, and $200 on October 8. Each payment is first applied to any accumulated interest. Any remainder is then used to reduce the outstanding principal. The terms of the note require payment on October 31 of any interest not paid off by partial payments. How much must Dr. Hirsch pay on October 31? Question: Dr. Hirsch must pay $ on October 31 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed) GETTIS
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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Transcribed Image Text:The Continental Bank made a loan of $21,000.00 on March 27 to Dr Hirsch to purchase equipment for her office. The loan
was secured by a demand loan subject to a variable rate of interest that was 5% on March 27 The rate of interest was raised
to 5 35% effective July 1 and to 5.6% effective September 1. Dr Hirsch made partial payments on the loan as follows: $1000
on May 13, $900 on June 28, and $200 on October 8. Each payment is first applied to any accumulated interest. Any
remainder is then used to reduce the outstanding principal. The terms of the note require payment on October 31 of any
interest not paid off by partial payments. How much must Dr. Hirsch pay on October 31?
Question: Dr. Hirsch must pay $_ on October 31 (Round the final answer to the nearest cent as needed. Round all
intermediate values to six decimal places as needed) GETTIS
1.500
3
The Coal
P5 1 Depth $100 on May 13 and 18 Eppy The
hech 27 The 13%
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