Question: Roger borrows $ 4 5 0 0 at 9 % simple interest on July 3 , 1 9 9 3 . He pays $ 1

Roger borrows $4500 at 9% simple interest on July 3,1993. He pays $1250 on October 27,1993, and $2500 on January 7,1994. Find the balance due on May 1,1994, using exact time/exact interest (a) by the Merchant's Rule; (b) by the United State Rule? Ans. (a) $957.50; (b) $965.08
Roger borrows $4500 at 9% simple interest on July 3,1993. He

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