Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

19015723320

  • 4 years ago

Christina Hercher borrowed $50,000 on a 90 day, eight percent note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first payment is?

  • This Question is Closed
  1. Tonks
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    What is the US Rule? I don't know if a=pe^rt applies here, but if so: 50000*e^(1.08*40/365)=56282.25 56282.25-3000=53282.25

  2. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy