Principal $8.000 Interest Rate 7% Time 240 days (use ordinary interest). Partial

Question

Principal $8.000 Interest Rate 7% Time 240 days (use ordinary interest). Partial payments: On 100th day, $3, 400 On 180th day $2, 300 Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost $ [] Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Balance after the payment Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment $

Explanation / Answer

solution:-

A) Total interest cost $ 259.0421
B) Balance after the payment on 100th day= $ 4755.5556
Balance after the payment on 180th day= $ 2529.5309
C) Final payment= $ 2559.0421

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