Max Wholesaler borrowed $2,500 on a 7%, 120-day note. After 45 days, Max paid $875 on the
Fantastic news! We've Found the answer you've been seeking!
Question:
Max Wholesaler borrowed $2,500 on a 7%, 120-day note. After 45 days, Max paid $875 on the note. Thirty days later, Max paid an additional $750. Use ordinary interest.
a. Determine the total interest using the U.S. Rule.
b. Determine the ending balance due using the U.S. Rule.
Expert Answer:
Related Book For 
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Posted Date:
