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What are the total interest and ending balance

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Problem 1) Kevin Reiner borrowed $6,000 on a 13%, 60-day note. After 10 days, Kevin paid $500 on the note. On day 40, Kevin paid $900 on the note. What are the total interest and ending balance due by the U.S. Rule? Use ordinary interest.

Problem 2) On December 8, Canovas Company accepted a $7,000, 90-day, 12.5% note from Kyra Finney in exchange for a $5,000 bill that was past due. On January 29, Canovas discounted the note at T D Bank at 13%. What were the proceeds from the note?

Reference no: EM132736883

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