Question: Shawn Bixby borrowed $ 4 0 , 0 0 0 on a 1 8 0 - day, 1 1 % note. After 6 0 days,

Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn additional $6,300. Use ordinary interest. determine the total interest using the US rule and determine the ending balance due using the US rule.
Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

TOPIC: Comparative & aggregate analytics display of Healthcare Statistics Choose a research topic from this list: 1) AIDS, (2) Coronavirus, or (3) Obama health care --investigate and report trends or...

Q:

How do i double the number of rows and coloumns of an imagae that i read into matlab ? i basically want ot double the number of pixels in a picture which is 500 by 500 and output it to 1000 by 1000 ?...

Q:

Chapter 10 Examples, 1 Chapter 10 End-of-Chapter Problems: Examples Below are some worked-out examples for problems at the end of Chapter 10. Remember, you will want to do as many as it takes to feel...

Q:

graph On April 5, 2015. Janeen Camoct took out an 8.% loan for $20,000. The loan is due March 9, 2016. Janeen's terms are ordinary interest. Sabrina Bowers took out the same loan as Janeen. Sabrina's...

Q:

CHALLENGE PROBLEMS 1 0 - 3 6 . Debbie McAdams paid 8 % interest on a $ 1 2 , 5 0 0 loan balance. Jan Burke paid $ 5 , 0 0 0 interest on a $ 6 2 , 5 0 0 loan. Based on 1 year: ( a ) What was the...

Q:

someone please help me with these!! Shawn Bixby borrowed $17,000 on a 120-day, 12% note. After 65 days, Shawn paid $2,000 on the note. On day 89, Shawn paid an additional $4,000. Using ordinary...

Q:

10-30. Shawn Bixby borrowed $1?,000 on a 120day, 12% note. After 55 days, Shawn paid $2,000 on the note. [in day 80, Shawn paid an additional $4,000. What is the nal balance due? Determine total...

Q:

-Use the Financial Statements; Do not create new accounts jusr follow whats below bank and cash reconciliation for May 31st 2020. the General Journal for the month (all journal entries including...

Q:

Please answer all parts of this question to complete it and answer in a similar format I will be sure to thumbs up and thank you in advance. PART 1 April 20. Purchased $52,750 of merchandise on...

Q:

GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Allen Company is found on the trial balance tab. The beginning balances are assumed Brown Co. entered into the...

Q:

Sample Question: Complex Category Pool Corporation is the world's largest wholesale distributor of swimming pool supplies and equipment & services. It sells these products to swimming pool repair and...

Q:

Write structural formulas for all the (a) Conjugated dienes (b) Isolated dienes (c) Cumulated dienes that give 2,4-dimethylpentane on catalytic hydrogenation.

Q:

1.) Let G be an n-partite simple graph, the partite sets of which are {ui, vi}, {u2, v2}, {un, Un}. Assume that the sequence of degrees d(v), d(u2), d(v2),..., d(un-1), d(vn-1), d(un), d(vn) is some...

Q:

Find the sum of the series n = 1 ( 5 n 2 2 - 5 n 3 2 ) The sum of the series is ( Type an exact answer, using radicals as needed )

Q:

Describe the four procedures that most companies follow to maintain internal control of purchases of merchandise.

Q:

If the number of chocolate chips in a chocolate-chip cookie follows a Poisson where the average is 3.6 chocolate chips per cookie, what is the probability of finding no chocolate chips in a given...

Q:

Why is it a good practice to post daily to the accounts receivable or accounts payable ledgers?

Q:

For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise...

Q:

The argument was made that beliefs and preferences can change as we explore and learn. This holds true even for learning about decision analysis. For example, what was your impression of this book...

Q:

Which of the following statements about public relations is FALSE?Public relations is used to generate goodwill for an organization.Publicity and public relations are synonymous terms.On one level,...

Q:

5.2 Describe four quantitative and two qualitative techniques used to forecast human resources demand.

Q:

5.3 Discuss briefly the four strategies used to forecast internal human resources supply and three types of market conditions assessed when forecasting external human resources supply.

Q:

2. The owner of the business has heard that qualitative methods produce the best job descriptions. Would you attempt to persuade him otherwise? agency that has an established presence in the northern...