A merchant borrowed $3,000 for 320 days at 11% (assume a 360-day year). Use the U.S. Rule
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A merchant borrowed $3,000 for 320 days at 11% (assume a 360-day year). Use the U.S. Rule to complete the following table:
Payment number Payment day Amount paid Interest to date Principal payment Adjusted balance
1 75 $500 __________________ ___________________ ___________________
2 160 $750 __________________ ___________________ ___________________
3 220 $1,000 __________________ ___________________ ____________________
4 320 _________ ___________________ ___________________ ____________________
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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