Use the U.S. Rule to solve for total interest cost

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Reference no: EM132002075

Given Principal: $14,000, 12%, 240 days Partial payments: On 100th day, $6,400 On 180th day, $3,700

a. 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: _____

b. 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.) On 100th day balance _____

On 180th day Balance after the payment $ _____

c. 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 $_____

Reference no: EM132002075

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