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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 36
Solve the following application problem using 360-day years where applicable.
On January 10, Bob Jones signed a 200-day note for $24,000 to finance some work on a roof. The note was at 9% per year simple interest. Due to an unexpected income tax refund, he was able to repay $10,000 on April 15. Use the United States Rule and (a) find the balance owed on the principal after the partial payment. __________ (b) Then find the amount due at maturity of the loan. __________
On January 10, Bob Jones signed a 200-day note for $24,000 to finance some work on a roof. The note was at 9% per year simple interest. Due to an unexpected income tax refund, he was able to repay $10,000 on April 15. Use the United States Rule and (a) find the balance owed on the principal after the partial payment. __________ (b) Then find the amount due at maturity of the loan. __________
Explanation
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There are days from January to April ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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