Question

Jim Murphy borrowed $30,000 on 120-day fourteen percent note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment i

Answer 1

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Answer 2

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Answer 3

Jim Murphy borrowed $30,000 on 120-day, fourteen percent note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is: (Assume a 360 - day year.)