Find the adjusted balance (Principal) using the U.S.Rule (360days) after the first payment. Rate: 11% Total Time for Note: 120 days Note Amount: $7,000 Partial payment on day 30: $900 Partial payment on day 90: $1,200

Find the adjusted balance (Principal) using the U.S.Rule (360days) after the first payment. Rate: 11% Total Time for Note: 120 days Note Amount: $7,000 Partial payment on day 30: $900 Partial payment on day 90: $1,200

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 26E

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Question

Find the adjusted balance (Principal) using the U.S.Rule (360days) after the first payment.

Rate: 11%

Total Time for Note: 120 days

Note Amount: $7,000

Partial payment on day 30: $900

Partial payment on day 90: $1,200

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