Given Principal $18,000, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th...

90.2K

Verified Solution

Question

Finance

Given Principal $18,000, Interest Rate 9%, Time 240 days (useordinary interest) Partial payments: On 100th day, $7,600 On 180thday, $4,300

a. Use the U.S. Rule to solve for totalinterest cost. (Use 360 days a year. Do not roundintermediate calculations. Round your answer tothe nearest cent.)


Total interest cost           $   

b. Use the U.S. Rule to solve for balances.(Use 360 days a year. Do not round intermediatecalculations. Roundyour answer to the nearestcent.)

On 100th dayOn 180th day
Balance after the payment$$


c. Use the U.S. Rule to solve for final payment.(Use 360 days a year. Do not round intermediatecalculations. Roundyour answer to the nearestcent.)


Final payment           $

Answer & Explanation Solved by verified expert
4.0 Ratings (580 Votes)
SEE THE    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Given Principal $18,000, Interest Rate 9%, Time 240 days (useordinary interest) Partial payments: On 100th day, $7,600 On 180thday, $4,300a. Use the U.S. Rule to solve for totalinterest cost. (Use 360 days a year. Do not roundintermediate calculations. Round your answer tothe nearest cent.)Total interest cost           $   b. Use the U.S. Rule to solve for balances.(Use 360 days a year. Do not round intermediatecalculations. Roundyour answer to the nearestcent.)On 100th dayOn 180th dayBalance after the payment$$c. Use the U.S. Rule to solve for final payment.(Use 360 days a year. Do not round intermediatecalculations. Roundyour answer to the nearestcent.)Final payment           $

Other questions asked by students