Shawn Bixby borrowed $22,000 on a 150-day, 13 % note. After 75 days, Shawn paid $2,500...

Transcribed Image Text:

Shawn Bixby borrowed $22,000 on a 150-day, 13 % note. After 75 days, Shawn paid $2,500 on the note. On day 106, Shawn paid an additional $4,500. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due Shawn Bixby borrowed $22,000 on a 150-day, 13 % note. After 75 days, Shawn paid $2,500 on the note. On day 106, Shawn paid an additional $4,500. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due

Answer rating: 100% (QA)

To calculate the total interest and ending balance due using the US Rule we can follow these ... View the full answer