Shawn Bixby borrowed $37,000 on a 150-day, 10% note. After 70 days, Shawn paid $4,000 on the note. On day 101, Shawn paid anadditional $6,000. Use ordinary interest.a. Determine the total interest use the U.S. Rule.Note: Do not round intermediate calculations. Round your answer to the nearest cent.Total interestb. Determine the ending balance due use the U.S. Rule.Note: Do not round intermediate calculations. Round your answer to the nearest cent.rchEnding balance dueBM< Prev3 of 13Next >men*********Go to35°F Cl

According to the US rule, the lender does not calculate interest until the payment has been made.…

Answered: Shawn Bixby borrowed $37,000 on a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Shawn Bixby borrowed $29,000 on a 120-day, 8% note. After 55 days, Shawn paid $3,200 on the note. On day 95, Shawn paid an additional $5,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Shawn Bixby borrowed $17,000 on a 120-day, 12% note. After 65 days, Shawn paid $2,000 on the note. On day 89, Shawn paid an additional $4,000. Use ordinary interest. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent.
nt Shawn Bixby borrowed $25,000 on a 120-day, 15% note. After 60 days, Shawn paid $2,800 on the note. On day 96, Shawn paid an additional $4,800. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due
Max Wholesaler borrowed $13,000 on a 10%, 120-day note. After 45 days, Max paid $4,550 on the note. Thirty days later, Max paid an additional $3,900. 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. Total interest amount 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. Ending balance due
James Co. borrowed $1,200 on a 90-day, 11% note. After 15 days, James paid $200 toward the note. James made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest.
Janet baker owes $108000 on a 10%, 130-day note. On fay 75 she pays $32, 400 on the note. On day 120, she pays an additional $37, 800. Based on the U.S rule calculate the following. Adjusted balance after the first payment. Adjusted balance after the second payment. Balance at maturity.
Rafael Sandino borrowed $23,000 on a 180-day, 11% note. After 80 days, Rafael paid $2,600 on the note. On day 120, Rafael paid an additional $4,600. Assume no further payments were made. Use ordinary interest. a.Determine the total interest paid during the life of the loan; use the U.S. Rule. (Do not round intermediate calculations. Roundyour answer to the nearest cent.) b.Determine the ending balance due (the payoff amount); use the U.S. Rule. (Do not round intermediate calculations. Roundyour answer to the nearest cent.)
Aniya borrowed 82,000 0n a 120-day 4% Note. after 50 days, Aniya made an initial payment of 40,000. On day 90, Aniya made an additional payment of 25,000. Assuming the U.S rule , what is the adjusted balance after the second payment? Use exact days.
On September 12, Jody Jansen went to Sunshine Bank to borrow $2,400 at 8% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. X Answer is complete but not entirely correct. $ 72.06 X Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Answer is complete but not entirely correct. Maturity value $ 2,472.06 X Return to question
Berry signed a $5000 , 75 day, 15% ordinary simple interest note on March 14. He made a partial payment of $2500 on april 12;. Find his payoff amount on the maturity date of the note according to the us rule
Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?
Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.

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