Max Wholesaler borrowed $3,700 on a 7%, 154-day note. After 59 days, Max paid $7
ID: 2623520 • Letter: M
Question
Max Wholesaler borrowed $3,700 on a 7%, 154-day note. After 59 days, Max paid $785 on the note. Thirty six days later, Max paid an additional $715. Use ordinary interest.
(a)
What is the final balance due? (Round your answers to two decimal places. Omit the "$" sign in your response.)
(b)
Use the U.S. Rule to determine total interest. (Do not round intermediate calculations. Round your answers to two decimal places. Omit the "$" sign in your response.)
(a)
What is the final balance due? (Round your answers to two decimal places. Omit the "$" sign in your response.)
(b)
Use the U.S. Rule to determine total interest. (Do not round intermediate calculations. Round your answers to two decimal places. Omit the "$" sign in your response.)
Explanation / Answer
Balance left to be paid= 3700-785-715 = 2200
final balance due=2200+ 2200*7%*154/365 = 2264.97