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Jones of Boston Borrowed $40,000, on a 90-Day 10% Note

Question 26

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Jones of Boston borrowed $40,000, on a 90-day 10% note. After 60 days, Jones made an initial payment of $6,000. On day 80, Jones made an additional payment of $7,000. Assuming the U.S. Rule, what is the adjusted balance after the second payment? Use 360 days.

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$40,000 × .10 × 60/360 = $666.67; $6,000...

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