Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the

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Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the note. One day 50, Comet paid $4,000 on the note. What are the total interest and ending balance due by the U.S. Rule? Use ordinary interest.

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Question Posted: Apr 30, 2013 09:04 AM

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Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the

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Calculation of Total interest And Ending balance due Total borrowed 16000 Ma...View the full answer

Fundamentals of Financial Accounting

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