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Determine the total interest use the us rule

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Reference no: EM133047690

Problem:

Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional $6,300. Use ordinary interest.

a. Determine the total interest use the U.S. Rule

b. Determine the ending balance due use the U.S. Rule.

Reference no: EM133047690

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