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Word Problem 10-23(Algo)[LU 10-3(1)] Max Wholesaler borrowed $12,500 on a 9%,120-day note. After...

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Accounting

Word Problem 10-23(Algo)[LU 10-3(1)]
Max Wholesaler borrowed $12,500 on a 9%,120-day note. After 45 days, Max paid $4,375 on the note. Thirty days later, Max paid an
additional $3,750. Use ordinary interest.
a. Determine the total interest using the U.S. Rule.
Note: Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.
b. Determine the ending balance due using the U.S. Rule.
Note: Round your intermediate balances and interest amounts to the nearest cent. Round your final answer to the nearest cent.
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