Frank Campbell owes $100,800 on an 8%, 110-day note. On day 90, he pays $25,200 on the note. On day 100, he pays an additional $50,400. Based on the U.S. Rule, calculate the following. (Use a 360-day year, and round all answers to the nearest cent.) 1. Adjusted balance after the first payment: x 5 ? 2. Adjusted balance after the second payment: 3. Balance at maturity:
Frank Campbell owes $100,800 on an 8%, 110-day note. On day 90, he pays $25,200 on the note. On day 100, he pays an additional $50,400. Based on the U.S. Rule, calculate the following. (Use a 360-day year, and round all answers to the nearest cent.) 1. Adjusted balance after the first payment: x 5 ? 2. Adjusted balance after the second payment: 3. Balance at maturity:
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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