Shawn Bixby borrowed $23,000 on a 180-day, 11% note. After 80 days, Shawn paid $
ID: 2647356 • Letter: S
Question
Shawn Bixby borrowed $23,000 on a 180-day, 11% note. After 80 days, Shawn paid $2,600 on the note. On day 120, Shawn paid an additional $4,600. Use ordinary interest.
a.
Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Roundyour answer to the nearest cent.)
Total interest
$
b.
Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations.Round your answer to the nearest cent.)
Ending balance due
$
Shawn Bixby borrowed $23,000 on a 180-day, 11% note. After 80 days, Shawn paid $2,600 on the note. On day 120, Shawn paid an additional $4,600. Use ordinary interest.
Explanation / Answer
Total interest = $23,000 x 0.11 x 180 / 360 = $1,265
Ending balance due = (23,000 + 1,265) - $2,600 - $4,600 = $17,065
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