Solved

Desiree Brown Borrowed $50,000 on a 90-Day 8% Note

Question 37

Multiple Choice

Desiree Brown borrowed $50,000 on a 90-day 8% note. Desiree paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Desiree'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:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q32: With interest of $1,832.00 and a principal

Q34: Jim Murphy borrowed $30,000 on a 120-day

Q35: Joe and Kathy Graczak borrowed $132,000 for

Q36: Round to nearest cent or hundredth

Q38: Ordinary interest results in a slightly higher

Q39: Given: a 12% 90-day $4,000 note. Find

Q40: The U.S. Rule is seldom used in

Q41: Round to nearest cent:<br> <span

Q42: The amount charged for the use of

Q91: Match the following terms with their definitions.<br>-Maturity