Christina Hercher Borrowed $50,000 on a 90-Day 8% Note

Christina Hercher borrowed $50,000 on a 90-day 8% 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:

A) $1,008.89
B) $48,008.89
C) $47,444.44
D) $44,744.44
E) None of these

Correct Answer:

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