Given Principal $15,000, Interest Rate 6%, Time 240 days (use ordinary interest) ...
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Finance
| Given | Principal $15,000, Interest Rate 6%, Time 240 days (use ordinary interest) | |
| Partial payments: | On 100th day, $7,000 | |
| On 180th day, $4,000 | ||
a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.)
c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
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