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:

$1,008.89
$48,008.89
$47,444.44
$44,744.44
None of these

Question

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:

       $1,008.89
       $48,008.89
       $47,444.44
       $44,744.44
       None of these

dumbcow · Answer

what is the US rule?

dumbcow · Answer

8% of 50,000 is 4,000
so total payment due is 54,000

balance after 1st payment....does that mean after the 3000 payment on day 40 ??

anonymous · Answer

yes sorry it does and the us rule is just the equation of I= PxRxT