Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jim young owes 57,600 on a 7%,140-day note. on day

Jim Young owes 57,600 on a 7%,140-day note. On day 45, he pays $17,280 on...

60.1K

Verified Solution

Question

Accounting

Jim Young owes 57,600 on a 7%,140-day note. On day 45, he pays $17,280 on the note. On day 60, he pays an additional $23,040. Based on the U.S. Rule, calculate the following. (Use a 360-day year, and round all answers to the nearest cent.) What is the adjusted balance after the first payment? What is the adjusted balance after the second payment? What is the balance at maturity?
image

Answer & Explanation Solved by verified expert
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

Other questions asked by students

Physics
1.2K views

Consider a completely miscible two-component system whose overall composition is X, at a temperature where liquid...

Physics
1.2K views

20 km east plus 10 km northeast

Geometry
1.2K views

18 Find the area of the sector of the circle 90 ft O100 ft O...

Geometry
1.2K views

4 Kite R 5 7 S 2 6 T 5 3 V 4 0 RT...

Algebra
1.2K views

Divide and simplify to the form a + bi.20 i/3+ i

Accounting
1.2K views

On September 8, 2023, Slash Company purchased the following assets: a building, land, and...

Accounting
1.2K views

goods sold of \\( \\$ 7,800 \\) for July Compule the...

Accounting
1.2K views

. Use the accompanying Credit Risk Date to perform the acties in perts through below...

Accounting
1.2K views

Nelson Corp is considering the purchase of a new piece of equipment. The cost savings...

Accounting
1.2K views

1.Goodwill Company A paid Company B $2,500,000 for all of Company Bs assets....

Accounting
1.2K views

Losses from which of the following business entities are carried forward at the entity level?...

Accounting
1.2K views

Notes payable are reported as liabilities on the balance sheet. The portion of the note...