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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 30
Solve the following application problem using the United States Rule.
INVENTORY The Washington News orders large quantities of paper every 4 months to save on freight charges. For its last order, the firm signed a note on February 18, maturing on May 15. The face value of the note was $104,500, with interest of 11%. The firm made a partial payment of $38,000 on March 20 and a second partial payment of $27,200 on April 16. Find (a) the amount due on the maturity date of the note __________ and (b) the amount of interest paid on the note. __________
INVENTORY The Washington News orders large quantities of paper every 4 months to save on freight charges. For its last order, the firm signed a note on February 18, maturing on May 15. The face value of the note was $104,500, with interest of 11%. The firm made a partial payment of $38,000 on March 20 and a second partial payment of $27,200 on April 16. Find (a) the amount due on the maturity date of the note __________ and (b) the amount of interest paid on the note. __________
Explanation
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There are days from February to May ...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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