6. Calculate the following: $750 loan at a 6% annual interest rate, made on March 15,...
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6. Calculate the following: $750 loan at a 6% annual interest rate, made on March 15, due May 15. (Assume 61 days). a.) Find the ordinary interest. b.) Find the exact interest. 7. A business owner borrowed $8,500 on a 15% 90-day note. On the 30th day, the business owner paid $2,000 on the note. a.) What is the ordinary interest on 30 days? b.) If ordinary interest is applied, what is the amount of partial payment applied to the principal? c.) If ordinary interest is applied, what is the adjusted principal balance after the partial payment? d.) What is the interest due on the adjusted principal? e.) What is the adjusted balance due at maturity? 6. Calculate the following: $750 loan at a 6% annual interest rate, made on March 15, due May 15. (Assume 61 days). a.) Find the ordinary interest. b.) Find the exact interest. 7. A business owner borrowed $8,500 on a 15% 90-day note. On the 30th day, the business owner paid $2,000 on the note. a.) What is the ordinary interest on 30 days? b.) If ordinary interest is applied, what is the amount of partial payment applied to the principal? c.) If ordinary interest is applied, what is the adjusted principal balance after the partial payment? d.) What is the interest due on the adjusted principal? e.) What is the adjusted balance due at maturity?
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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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