Shawn Bixby borrowed $36,000 on a 120-day, 12% note. After 65 days, Shawn paid $3,900...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Shawn Bixby borrowed $36,000 on a 120-day, 12% note. After 65 days, Shawn paid $3,900 on the note. On day 95, Shawn paid an additional $5,900. Use ordinary interest.
a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest $
b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.)
Ending balance due
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
