Given Principal $13,000, Interest Rate 11%, Time 240 days (use ordinary interest) Partial payments: On 100th...
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Given Principal $13,000, Interest Rate 11%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $6,200; On 180th day, $3,600 Required: 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 797.94 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. On 100th day On 180th day Balance after the payment $ 10,797.22 $ 7,461.15 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. Final payment $ 3,336.07 Given Principal $13,000, Interest Rate 11%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $6,200; On 180th day, $3,600 Required: 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 797.94 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. On 100th day On 180th day Balance after the payment $ 10,797.22 $ 7,461.15 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. Final payment $ 3,336.07
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